In order to carry out the assignment, certain approaches and methodologies are required to be followed. The following approaches were followed in conducting this term paper.
1.1 Origin of the Report:
The report is a partial requirement of the course Risk Management & Insurance (FIN 410). That is why our honorable instructor assigned us to do a term paper on Reliance Insurance Company Limited. The report is conducted based on the financial statement and the website of the company. This report is a reflection of what we have learned in between the course.
1.2 Objective and the Scope of the Report:
The report was prepared as a part of our course ...view middle of the document...
2.0 COMPANY PROFILE
Reliance Insurance Company Limited:
Following emergence of Bangladesh as an independent nation in 1971, insurance industry was nationalized along with banking and major industrial sectors of jute, textile, sugar and other heavy industries. Under the nationalized 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 on general and life insurance business respectively. Starting with gradual liberalization of investment in industry and commerce, insurance business was also allowed in the private sector From 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.The company was subsequently listed in the stock Exchanges of Bangladesh in 1995.
2.1 Company’s Vision
The vision of the company is to become the premier insurance organization and the insurer of first choice in Bangladesh with a sound reputation for dependability, professionalism and the highest standard of customer services.
2.2 Company’s Mission
Grow significantly and achieve significant non-life insurance market share. |
Continue delivering attractive returns to our shareholders. |
Become a caring organization and employer of choice. |
Invest in top quality human resources and develop full potentials of employers by providing continued training and insurance education. |
Bring innovation in insurance products and selling techniques. |
2.3 Company’s Strength
Constant pursuit of suitable strategies has made the company the leading insurer of Bangladesh for over two decades.
2.4 Company’s Belief
We believe that client must stand at the center of our all activities. We have the ability to optimally fulfill the clients needs based on risk management with minimum cost and personalized services
2.5 Company’s Core Values
3.0 PRODUCT AND SERVICES
Fire Insurances |
Fire Insurance (including Allied Perils) |
Industrial All Risks (IAR) |
Property Damage All Risks (PDAR) |
Marine Cargo Insurances |
Marine Cargo Insurance transit by Steamer or Powered Vessel |
Marine Cargo Insurance transit by Rail/Lorry/Truck |
Marine Cargo Insurance transit by Inland Rail or Road |
Marine Cargo Insurance transit by Inland Cargoes (water borne) |
Marine Cargo Insurance transit by Air Cargo |
Marine Hull Insurance |
Total Loss Only (TLO) |
Institute and Inland Time Clauses Hull (ITC) |