Insurance companies have been around since the pre-independence period in Bangladesh. However, it started to pick up traction after independence when all the insurance companies were nationalized. From the 80s, the competitive landscape grew again after the inclusion of private companies. Today there are over 62 companies that offer insurance over various schemes. So, which ones are the best insurance companies in Bangladesh in 2021? Let's have a look.
Top Bangladeshi Insurance Companies in 2021
Metlife Insurance Co Ltd
Formerly known as American Life Insurance Company Ltd, Metlife Insurance started its journey in 1952 in the country. Over the years, the company has established itself as one of the most reliable insurance companies in the country. The company has over 1 million clients in Bangladesh and a robust workforce of over 16000 employees.
You can choose from a range of services offered by Metlife. Their primary services include Individual Life Insurance, Education Protection Plan, Retirement Plan, Accident, and Health as well as Employee Benefits. The financial strength of the company is also noteworthy as it holds an AAA rating. As the largest insurance company in Bangladesh, Metlife is leading by example when it comes to clients as well as employee satisfaction.
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Jiban Bima Corporation
Jiban Bima Corporation or the Life Insurance Company is the state-run insurance company in Bangladesh. The corporation came into existence in 1973 after an ordinance decreed the nationalization of all the private insurance companies in the country except for the foreign ones. The company has had a humble start with just a 1.5 million BDT life fund in 1973. Over the years, the company has earned the trust of the people as a leading government life insurance company and despite a decline of the client base, the corporation was able to maintain profit year on year. In 2020, the life fund of the corporation stood at 20 billion BDT which is a huge jump compared to its initial days.
The corporation has a diverse range of schemes constituting over 30 different sectors. The premium plans are also flexible and slightly less compared to the privately-owned companies. There are service centers all across Bangladesh, so premium deposition and claims shouldn’t be an issue.
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Delta Life Insurance Co Ltd
After the reversion of the nationalization ordinance in 1984, Delta Life Insurance Co was among the first companies to jump onboard in the private insurance scenario. The company was started by a few Bangladeshi citizens who were working abroad at that time. The idea was to deliver top-notch insurance service to the people of Bangladesh that is available in western countries. With this vision in mind, the company didn’t have to look back since its inception.
For over 3 decades in business, Delta Life Insurance registered a year-on-year profit with the latest fiscal year growth standing at 5.35% more than that of 2018. The company holds about 38 billion BDT in insurance funds which are also one of the highest in the country. They offer a range of services in over 5 different sectors. You can register from any of their numerous customer service points.
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Popular Life Insurance Co Ltd
Popular Life Insurance Co is another prominent Life Insurance company in Bangladesh. The company was founded in 2000 and has since been one of the leaders in the insurance sector of the country. Over the years, the company has grown its customer base and has registered profit year on year. At the end of the 2018 fiscal year, the company had 17 billion BDT and 13 billion BDT of cumulative life fund and cumulative investment respectively.
The company boasts a robust workforce of over 15000 employees. Basically, in addition to the corporate offices in the city and divisional areas, Popular Life also offers insurance services through their agents in remote areas. Currently, the company offers 15 different schemes based on their personal as well as micro-insurance platforms.
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Meghna Life Insurance Co Limited
For over 20 years, Meghna Life Insurance has been diligently providing insurance solutions to the people of Bangladesh across all economic levels. The company was founded by some similar-minded professionals in 1996 and since then, the company has strived to achieve excellence in the field. The company had a very humble beginning compared to other similar insurance companies but their reliability and service soon made it one of the prominent players in the insurance market. Currently, the company holds an asset of 15 billion BDT which has seen increment year on year since the inception. The company has a total workforce of about 14000 across Bangladesh. The notable thing about Meghna Insurance Co Ltd is the easy disbursement of the claims.
Currently, the company offers 8 different schemes under 5 different sub-heads. The company also provides an Islamic Insurance scheme which is quite popular among the people.
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Golden Life Insurance Limited
Golden Life Insurance Limited started its journey back in 1999. The company got its PLC leasing in the same year before starting its operations. Golden Life insurance aimed to make microinsurance more accessible. The company wanted to bridge the gap of maturity which at that time stood at between 10 to 20 years. Due to this revolutionary approach, the company soon gained popularity among the masses.
The company offers a cumulative of 10 different schemes most of which are based on the Islamic Shariah. The company has more than 8000 business development executives all across Bangladesh who works to ensure that insurance is made easy and accessible even from remote areas. Golden Life has disbursed over 35 billion BDT worth of claims which speaks of their commitment to the sector as well as their client base.
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Bottom Line
The insurance sector of Bangladesh is pretty diverse. There are life insurance companies as well as general insurance companies that provide services across a range of schemes. However, it's not all smooth sail and there have been reports of mismanagement of claims against many insurance companies. However, the ones that we have mentioned here have maintained a good track record over the years and has been a trusted insurer for the people. These are easily the top insurance companies in Bangladesh in 2021 and you can easily sign up with them depending on your preference.