Since the emergence of
Bangladesh as an independent nation, insurance industry was
nationalised along with banking and major industrial sectors of
jute, textile, sugar and other heavy industries. Under the
nationalised scheme, only two corporations in the name and style of
Sadharan Bima Corporation (General Insurance Corporation) and Jiban
Bima Corporation (Life Assurance Corporation) were set up by the
Government for carrying out general and life insurance business
respectively. While no private Bangladeshi owned enterprises was
allowed either in general or life insurance business, foreign owned
companies were, however, allowed to carry out life assurance
business. With gradual liberalisation of investment in industry and
commerce, insurance business was also allowed in the private sector
in 1985. As a result, a number of companies were set up. RELIANCE
INSURANCE LIMITED was the fourteenth in line to start general
insurance business in the private sector.
The Company was incorporated on 20th March 1988 and was allowed to
commence business by virtue of the Certificate of Commencement of
Business issued by the Registrar of Joint Stock Companies on 22nd
March 1988. The Company obtained Certificate of Registration issued
by the Controller of Insurance on 7th April 1988.
Reliance Insurance Limited issued shares to the general public in
May 1995 at a premium of Tk. 185.00 per share on a public issue of
3,00,000 shares which was oversubscribed. Its worth mentioning that
this premium was the highest amount of Tk. 100.00 of a private
insurance company on its public offering by the Securities &
Exchange Commission (SEC), Government of the People’s Republic of
Bangladesh.
The Company carries on the business of all types of insurance except
life assurance. It has now 30 (thirty) branches, one local office
with the Head Office at Dhaka.
The Company's main business operations are being carried out in
the following areas:
|
(a) |
|
Underwriting of Fire Insurance |
|
(b) |
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Underwriting of Marine (Cargo & Hull) Insurance |
|
(c) |
|
Underwriting of Miscellaneous Insurance |
|
(d) |
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Underwriting of Industrial All Risks Insurance |
|
(e) |
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Underwriting of Public Issue of Shares & Debentures |
|
(f) |
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Investment in Shares & Debentures of Public Limited Companies |
|
(g) |
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Risk
Assessment Services |
Reliance Insurance
Limited is focused on continuing to meet the evolving insurance
needs of consumers in Bangladesh market. Since its inception in
1988, Reliance had a phenomenal growth in Gross Premium Income and
Total Assets. Started with 60 million Taka as paid up capital in
1988, the company has created a strong asset base of 687.15 million
Taka in 2002 making Reliance one of Bangladesh’s leading non-life
insurance company.
In addition to traditional non-life products and services, Reliance
Insurance Limited has been expanding its business into to
non-traditional products & services and risk-related services. In
terms of our products and services, we are continuously adding
value-added & unique products which meets customer needs. At the
same time, we are in the process of strategic business alliances
with different financial houses and to enter new area to provide
attractive products and services with a competitive price.
We are doing our best to provide top quality products & services,
which RIL is aiming at, through various efforts including the
training of our professionals capable of risk consulting. Further,
we are also in the process of reinforcing sales through internet and
new branch distribution channels.
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