Company profile n - Pioneer Insurancepioneerinsurance.com.bd/sites/default/files... · Pioneer...

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PPIIOONNEEEERR IINNSSUURRAANNCCEE CCOOMMPPAANNYY LLIIMMIITTEEDD

Dhaka Comilla Narsingdi Faridpur Madaripur Chittagong Jessore Khulna Barisal Jhenaidah Rangpur Gaibandha Sylhet Kurigram Pabna Sirajganj Bogra Dinajpur Chapai Nawabganj

FIRE

Aviation

MARINE

ENGINEERING

Our Presence Country Wide Branches Network

We Cover All General Insurance Needs For -

MOTOR

Head Office - Symphony (5th Floor), Plot # SE(F),9, Road # 142, South Avenue,

Gulshan-1, Dhaka-1212.

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Pioneer Insurance Company Limited

Introduction to Insurance Page 1

General Insurance in Bangladesh Page 1 - 2


The Company Sponsors of PICL Administrative and Technical Strength

Page 3 – 13

Page 14 -17

Page 18 - 25

Insurance an Overview 6 – 28

Valued Clients Page 29-32

Credit Rating Report Page 33

URL- pioneerinsurance.com.bd (For all Latest Updates)

Table of Contents

Company Profile

Caring for you, forever….


1

INTRODUCTION TO INSURANCE We read our daily newspapers stories about people being involved in road accidents, of aero planes crashing, buildings burning down, theft of goods, peoples being injured at work and many other mishaps. Behind each story lies a measure of personal tragedy and anxiety for those closely involved. Yet behind each one is also the vast, sophisticated mechanism of insurance. From an individual point of view, insurance is an economic device whereby the individual substitutes a small certain cost (the premium) for a large uncertain financial loss (the risk insured against) which would exist if it were not for the insurance contract. The primary function of insurance is the creation of the counterpart of risk. Which is security. Insurance does not take away the risk. The insurer does not guarantee that the event insured against will not happen . Whatever good the management and staff, losses do occur. The “Titanic” was unsinkable and yet was lost in the very first voyage. Plants can be operated for many years without accident and then be totally destroyed by Fire. The house may still burn down, the car may still be involved in an accident but at least a large element of the cost involved will be met by the insurer.

General Insurance in Bangladesh

• Before the independence 49 insurance companies were functioning most of those were owned by either Pakistanis or by other foreign nationals. After the independence of Bangladesh Government nationalized all the insurance business which were operating in Bangladesh, mostly owned by West Pakistanis and formed the subsidiary corporations one for General Insurance and other for Life insurance business under the controlling corporation the Bangladesh Jatiya Bima Corporation. Later in 1973, Sadharan Bima Corporation was formed for transacting all General Insurance business and Jiban Bima Corporation for Life Insurance business.

• To bring efficiency into the sector and to provide quick services with better customer care, Government passed a law in 1984 allowing the formation of Private General Insurance Companies.

• Sadharan Bima Corporation was given the monopoly to underwrite the business of public and private sector both. Moreover Re-insurance of Private sector companies were made mandatory with Sadharan Bima Corporation.

• The Premium rates in Bangladesh are not yet opened up and are based on Tarrifs prepared by the Central Rating Committee headed by the controller of insurance, Government of People’s Republic Bangladesh. All are bound to follow the Tariffs.


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1.) THE INSURANCE (AMENDMENT) ORDINANCE, 1984 (Ordinance No. L of 1984)

The Government of the People’s Republic of Bangladesh allowed Private Insurance Companies to operate on 11 August, 1984.

2.) THE INSURANCE CORPORATIONS (AMENDMENT) Act, 1990

- 50% Public Sector Business was allowed and distributed to Private Insurance Companies by SBC with effect from 13 February, 1990.

- Private Companies were allowed to do 50% reinsurance with SBC and 50% outside SBC with effect from 13th February, 1990.

- Payment of Commission to the Agents prohibited from 13 February 1990.

3.) THE INSURANCE (AMENDMENT) Act, 1993

Payment of Commission to the Agents as per Insurance Act, 1938 reintroduced from 14 March 1993. Professional Re-insurers: About 400 professional re-insurers operating all over the world.

Most of them are situated in UK, Germany, Switzerland, France, Scandinavia, Japan & Asia. Most of them have subsidiaries or offices in London. Of late, India, Singapore, Bermuda, Malaysia, Luxembourg & Middle East attract many re-insurers to

open offices. Lloyds of London & other London Market: Lloyds of London established in 1688, by far the biggest reinsurance capacity in the world.

Effective Insurance Legislations in Bangladesh

REINSURANCE MARKETS

Local Markets : Sadharan Bima Corporation- National Re-insurer. Regional Professional Re-insurers : Asian Re. Thailand & African Re.


3

COMPANY PROFILE Established 1996

Registered Office Head Office - Symphony (5th Floor), Plot # SE(F), 9 Road # 142,

South Avenue, Gulshan-1, Dhaka-1212 , Bangladesh. , Listed with Dhaka Stock Exchange & Chittagong Stock Exchange.

Number of Branches

41 Number of Employees

543

Authorized Capital 1 (One) Billion

Paid up Capital

Taka 636.18 Million

Credit Rating “ AA ” Chairman Since Inception.

Founder Chairman - Syed Manjur Elahi, Period (25-03-1996 to 27-12-1998)

followed by : Period M Anis Ud Dowla - 28-12-1998 to 23-09-2002

Tapan Chowdhury – 24-09-2002 to 24-09-2004 A.K.M Rahmatullah - 25-09-2004 to 25-08-2007 Syed Manjur Elahi – 26-08-2007 to 29-09-2009 M Anis Ud Dowla – 30-06-2009 to 11-09-2011 Tapan Chowdhury – 12-09-2011 to 08-09-2013 A.K.M Rahmatullah – 09-09-2013 to 17-06-2015 M Anis Ud Dowla - 18-06-2015 till now..

Our Vision To Foster the industrial & Economic growth of Bangladesh. To optimize the retention of Bangladesh business. To work towards minimization of losses and develop Risk Management Technologies. To function as a strong and dynamic non-life insurer.

Our Mission To become the leading insurance company of Bangladesh excelling in every aspect of its

business and in delivering its obligations as a good corporate citizen to its clients, employees, shareholders, public and to the country.

Member of International Organization

- Federation of Afro-Asian Insurers and Reinsurers (FAIR) - Association of Insurers and Reinsurers of Developing Countires (AIRDC) - Associate Member (Life) : East Asian Insurance Congress (EAIC)

Contact us Tel: 58817512 (Hunt),58816561, Fax: +88-02-58817234, 58817264 , [email protected]

Web Page www.pioneerinsurance.com.bd

Important Email Managing Director – [email protected], Deputy Managing Director - [email protected] Underwriting Department – [email protected] Claims Department – [email protected]


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The Company Underwrites following types of General Insurance Business :

Fire Insurance Fire and Allied Perils Insurance. Insurance of Consequential Loss due to

Fire & Allied Perils. Household Insurance Hotel Owners All Risks Insurance Industrial All Risks Insurance

Motor Insurance

Act Only Liability Insurance Comprehensive Insurance

Increased Liability Insurance

Marine Insurance Marine Cargo Insurance Marine Hull Insurance Marine Freight Insurance

Engineering Insurance : Boiler and pressure Vessels Insurance Contractor’s All Risks Insurance (CAR) Contractor’s Plant & Machinery Insurance (CPM) Deterioration of Stock Insurance (DOS) Electronic Equipment Insurance (EEI) Energy Risks Insurance (Offshore & Onshore) Erection All Risks Insurance (EAR) Lift, Escalator and Hoisting Equipment Insurance Machinery Insurance (MB) Machinery Loss of profit Insurance ( MLop) Power Plant Package Insurance


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The Company Underwrites following types of General Insurance Business :

Hole in One Golf Tournament Insurance Locers Insurance Money / Cash in Transit Insurance Neon Sign Insurance Overseas Mediclaim Insurance (OMP) General / Public Liability Insurance Professional Indemnity Insurance Personal Accident Insurance People’s Personal Accident Insurance Plate Glass Insurance Poultry Insurance Product Liability Insurance Rubber Plantation Insurance Safe Deposit box (Bank Lockers)

All Risks Insurance Abandonment of Cricket Match Insurance Air Travel Insurance Burglary Insurance Cash / Property in Premises Cash in ATM Insurance Comprehensive General Liability Insurance Cellular Mobile Phone Insurance Credit Card Holder Insurance Directors and Officers Liability Insurance Employer’s Liability Insurance Fidelity Guarantee Insurance Group Hospitalization Plan Insurance

Aviation Insurance: Deductible Insurance Hull Insurance Liability Insurance WAR Insurance Loss of License Insurance Crew Personal Accident Insurance


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OUR REINSURERS & BROKERS

Tysers & Co. Ltd, London J.B Boda, Mumbai, & Singapore Adyta Birla, Mumbai JLT Malaysia., Malaysia Marsh, Singapore Protection, Bahrian Limtex , Kolkata , India Relaince Brokers, Mumbai

Sadharan Bima Corporation GIC, India New India, India NICL, India ICICI Lombard, India Malaysian Re. Malaysia Labuan Re., Malaysia Sompo Re. Japan Trust Re. Bahrain United Insurance, India Allianz, UK & Singapore Asian Re. Thailand African Re., Mauritius PTA Re., Sen Re., Senegal ARIG Re., Bahrain Moscow Re., Russia Kiln, LIoyds Underwriter Kenya Re., Kenya AU Re., Syria Unity Re., Russia


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Company’s Premium Income Shown From 1996 To 2014 :

INVESTMENT as at 30 June, 2015 ( Figure in Crore Taka)

Bangladesh Govt.Treasury Bond Tk. 2.50Fixed Deposit with Scheduled Bank Tk. 78.00Share Investment: MTBL (2,59,79,110 shares) Tk. 10.25The ACME Laboratories Ltd. (10,00,000 shares) Tk. 5.20CDBL (4,56,945 shares) Tk. 0.26EXIM Bank Tk. 0.01Grameenphone (573,100 shares) Tk. 4.24Malek Spinning Mills Ltd. (12,10,000 shares) 2.5017 Nos.General Insurance Co. (5,137 shares) Tk. 0.01Secondary share Tk. 1.00 Grand Total 103.97

Owners' Equity

Figure in million

Year Taka

2008 295.912009 339.712010 487.512011 806.392012 1,011.252013 1,190.122014 1,340.00

Year Figure in Million (Taka)

Growth %

1996 23.14 1997 85.47 269% 1998 105.33 23% 1999 132 25% 2000 141.5 7% 2001 144.58 2% 2002 136.27 -6% 2003 147.09 8% 2004 178.34 21% 2005 245.41 38% 2006 301.16 23% 2007 385.2 28% 2008 665.5 73% 2009 859.45 29% 2010 1,252.37 46% 2011 1,598.60 28% 2012 1,701.27 6% 2013 1,874.91 10% 2014 2,135.47 14%


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Premium Income : (Taka in Million)

Net Profit and Investment Income : (Taka in Million)

Investment & Total Assets: (Taka in Million)

COMPANY’S PERFORMANCE


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Paid up Capital (Figure in Million)

Year Paid-up Capital

Particulars

2009 150,000,000 45% (25% Bonus + 20% Right) 2010 225,000,000 25% Bonus 2011 271,875,000 30% Bonus 2012 353,437,500 30% Bonus (20% Bonus + 10% Cash) 2013 424,125,000 30% Bonus (20% Bonus + 10% Cash) 2014 508,950,000 30% Bonus (25% Bonus + 5% Cash) 2015 636,187,500

Claims Statement as at : 31st June, 2015

( Figure in Taka)

2008

2009

2010

2011 2012

2013

2014

2015 Fire 3,49,61,666 147,981,702 164,328,954 194,813,724 214,397,260 1,632,587,076 254,177,927 931,576

Marine 12,445,126 16,960,608 26,368,309 117,708,679 33,342,689 59,278,898 28,261,068 5,623,794

Motor 52,769,964 48,109,616 60,713,982 59,858,857 61,327,500 65,070,901 38,172,199 4,488,986

Misc. & Accident 3,297,437 3,306,366 15,546,843 18,058,859 86,402,014 19,944,541 9,040,087 1,615,813

Total Tk.= 103,474,193 216,358,292 266,958,088 312,522,403 395,469,463 1,776,881,416 329,651,281 12,660,169

Total No. of Claims Settled 634

709

866

904 988

1021

795

154

Claims Outstanding Nil

Nil

Nil

Nil Nil

43

215

84


10

Few Settled Claims. SL No.

Class of Loss

Name of Insured

Year

Settled-Amount-Tk.

1. Fire Aswad Composite Mills Ltd. 2013 1,479,506,490 2. Fire Zaber & Zubair Fabrics Ltd. 2014 152,422,791 3. Fire Matin Spinning Mills Ltd. 2008 92,944,709 4. Fire Asia Composite Mills Ltd. 2012 86,090,707 5. Marine Hull Ratanpur Shipping Line Ltd. 2012 75,372,256 6. Fire Square Consumer Products Ltd. 2007 75,172,582 7. Fire Vidyut Bangladesh (Pvt.) Ltd. 2009 69,836,293 8. Fire Natore Agro Ltd. 2014 57,672,814 9. Fire ACI LTD. 2011 50,480,170

10. Fire Confidence Edible Oil Ltd. 2012 50,456,875 11. Fire Apex Footwear Ltd. 2002 46,817,019 12. Fire Sun Gravures Ltd. 2006 45,597,518 13. Fire Pioneer Apparels Ltd. 2006 40,409,331 14. Fire Shahnewaz Jute Mills (Pvt) Ltd. 2012 39,862,091 15. Fire Markup Cotton Spinning Ltd. 2011 38,143,399 16. Fire Shahnaz Jute Beiling (pvt.) Ltd. 2013 36,466,875 17. Misc. Regent Power Ltd. 2012 35,966,109 18. Fire Abul Khair Steel Melting Ltd. 2014 34,458,475 19. Fire L.R.Jute Garden Ltd. 2013 28,262,576 20. Marine Cargo GBB Power Ltd. 2010 26,817,138 21. Fire Quality Feeds Ltd. 2012 21,366,907 22. Fire GBB Power Ltd. 2014 19,676,427 23. Marine Cargo Color City Ltd. 2013 18,556,800 24. Fire Thermax Yarn Dyeing Ltd. 2014 17,956,226 25. Fire Oshin Spinning Mills Ltd. 2014 16,592,922 26. Fire Bashundhara Paper Mills Ltd. 2014 15,020,977 27. Fire Anlima Textile Ltd. 2014 14,102,598 28. Fire Rahimafroz Globatt Ltd. 2014 13,984,847 29. Fire Apex Adelchi Footwear Ltd. 2013 11,240,811 30. Fire( Flood) Dai-Ichi-Pex Leather Industries Ltd. 2005 10,894,774 31. Fire Ahad Jute Spinners ltd. 2013 10,686,489 32. Fire CSCR (Pvt.) Ltd. 2014 10,266,369 33. Marine Hull Basundhara Logistics Ltd. 2010 10,000,000 34. Marine Cargo Square Pharmaceuticals Ltd 2003 9,963,650 35. Fire Confidence Salt Ltd. 2012 9,968,051 36. Fire The Delta Spinning Mills Ltd. 2012 9,558,000 37. Marine Cargo Shahjalal Newsprint Ind. Ltd. 2000 7,970,196 37. Fire Noman Terry Towel Mills 2014 7,781,075


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We deal Foreign Banks : • Commercial Bank of Ceylone

• Citibank N.A.

• Hong Kong & Shanghai Banking Corporation Ltd. ,

• Standard Chartered Bank

• Habib Bank Ltd.

• National Bank of Pakistan.

• State Bank of India. Bangladeshi Banks : • Sonali Bank Ltd.,

• Janata Bank Ltd.,

• Agrani Bank Ltd.,

• Rupali Bank Ltd.,

• Bangladesh Development Bank,

• Bangladesh Krishi Bank

• Arab Bangladesh Bank Ltd.

• Al-Arafah Islami Bank Bangladesh Ltd.

• Bangladesh Commerce Bank Ltd.

• BASIC Bank Ltd.

• BRAC Bank Ltd.

• Bank Asia Ltd.

• Dutch Bangla Bank Ltd.

• Dhaka Bank Ltd.

• Eastern Bank Ltd.

• Exim Bank Ltd.

• I.F.I.C. Bank Ltd.

• ICB Islami Bank Ltd.

• Islami Bank Bangladesh Ltd.

• Mutual Trust Bank Ltd.

• Mercantile Bank Ltd.

• National Bank Ltd.

• National Credit & Commerce Bank Ltd.

• One Bank Ltd.

• Prime Bank Ltd.

• Pubali Bank Ltd.

• Premier Bank Ltd.

• Rajshahi Krishi Unnayan Bank Ltd.

• Social Islami Bank Ltd.

• South East Bank Ltd.


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Fixed Asset Sl.No. Description Taka

1 Furniture & Fixture 4,240,643.002 Office Machinery 1,358,637.003 Air Conditioner 4,060,321.004 Computer 2,872,728.005 Telephone set 757,345.006 Electric Equipment 888,476.007 Sign Board 422,773.00

8 Others 19,007,926.00

9 Office Space

7,375,661.00 01.

V.I.P. Road Branch, Dhaka.

City Heart, 9th floor , 67 Naya Paltan, Dhaka-1000.

02.

Imamagonj Branch, Dhaka.

1,03,40,000.00

Tajmahal Tower (3rd floor), 66 Moulvibazar Dhaka-1100.

03.

Moghbazar Branch, Dhaka. 10,593,440.00

Gulfesha Plaza (4th floor), 69 Outer Circular Road, Near Moghbazar Chourasta, Dhaka -1217.

04. Chittagong Zonal Branch, Chittagong. 7,65,28,948.00

Banani Complex (Cinema & Shopping Ltd. Tower-B, building (2nd Floor), 942/A, S.K. Mujib Road Agrabad C/A, Chittagong.

05. Khatungonj Branch 80, Khatungonj, 2nd Floor,Chittagong-4100.

1,73,45,500.00

Total amount 155,792,398.00


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Branches of Pioneer Insurance Company Limited. Dhaka Division

1) Dilkusha Branch 2) Local Office 3) Gulshan Branch 4) V.I.P Road Branch 5) New Market Branch 6) Kawranbazar Branch 7) Shantinagar Branch 8) Motijheel Branch 9) Imamgonj Branch

10) Uttara Branch 11) B.B Avenue Branch 12) Narayanganj Branch 13) 14)

Moghbazar Branch Mirpur Branch

15) Tangail Branch 16) Narsingdi Branch 17) Faridpur Branch 18) 19)

Madaripur Branch Dhanmondi Branch

Chittagong Division 20) Agrabad Branch 21) Sheikh Mujib Road Branch 22) Jubliee Road Branch 23) Khatungonj Branch 24) G.E.C's More Branch 25) Kadamtali Branch 26) Cox's Bazar Branch 27) Comilla Branch

Rangpur Division 28) Rangpur Branch 29) Gaibandha Branch 30) Kurigram Branch 31) Dinajpur

Barisal Division 32) Barisal Branch Khulna Division 33) Khulna Branch 34) Jessore Branch 35) Jhenaidah Branch Sylhet Division 36) Sylhet Branch Rajshahi Division 37) Pabna Branch 38) Sirajganj Branch 39) Bogra Branch. 40) Chapai Nawabganj

Branch.


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SPONSORS OF THE PIONEER INSURANCE COMPANY LIMITED The Sponsors of the Company include a number of renowned limited companies operating successfully for many years. The representatives of the sponsor companies form the Board of Directors of the Company.

The Company has issued shares to the general public in 2001 at a premium of Tk.135.00 per share on a public issue of 900,000 shares, which was over-subscribed. It may be mentioned here that an amount of premium Tk.35.00 was allowed on a share of Tk.100.00 by the Securities Exchange Commission, Government of the People's Republic of Bangladesh.

M Anis Ud Dowla Chairman

Chairman- Advanced Chemical Industries Ltd., ACI Formulations Ltd. , ACI Salt Limited, ACI Pure Flour Ltd., ACI Foods Ltd., Premiaflex Plastics Ltd., Creative Communication Ltd., ACI Motors Ltd., ACI Godrej Agrovet Private Ltd., ACI Logistics Ltd., ACI Health Care Ltd., Apex Leather craft Limited., Neem Laboratories (Pvt.) Ltd. Aloe Organics (Pvt.) Ltd., Green Business and Marketing Company BD Ltd.,

Managing Director- Consolidated Chemicals Ltd.

Director- ACI Agro Chemicales Ltd., ACI Edible Oil Ltd., ACI Chemicals Ltd., Credit Rating Agency of Bangladesh Ltd., Stochastic Logic Ltd.

Director of non-profit organization- ACI Foundation Committee Member- Metropolitan Chamber of Commerce & Industry, Dhaka., Bangladesh Employers' Federation., President- Bangladesh Seed Association. Former President - Metropolitan Chamber of Commerce & Industry, Dhaka., Bangladesh, Bangladesh Employers’ Federation, Bangladesh Crop Protection Association. Trustee – Independent University Bangladesh (IUB)

Tapan Chowdhury Director

Managing Director- Square Pharmaceuticals Ltd., Square Textiles Ltd., Square Hospitals Ltd., Square Knit Fabrics Ltd., Square Fashions Ltd., Square Denims Ltd., Square Apparels Ltd. Sabazpur Tea Company Ltd.

Director- Square Toiletries Ltd., Square Informatix Ltd., Square Food and Beverage Ltd. Central Depository Bangladesh Ltd. Guardian Life Insurance Ltd. Bangladesh Institute of Capital Market., Bangladesh Chamber of Industries., Commodities and Derivatives Exchange Ltd., Square Yarns Ltd.,Square Consumer Products Ltd., Square Securities Management Ltd., Square Agro Development and Processing Ltd., Square Herbal and Nutraceuticals Ltd., Square Air Ltd., Astras Ltd., Maasranga Communications Ltd.( Maasranga Television)., Square Formulations Ltd., Square Texcom Ltd., Mediacom Limited., Square Spinning Mills Ltd. FBCCI.,

Former Adviser of the Caretaker Government of Bangladesh Former President- Metropolitan Chamber of Commerce & Industry, Dhaka., Bangladesh YMCA, Bangladesh Baptist Church Fellowship (BBCF)

Chairman – Bangladesh Association of Publicly Listed Companies (BAPLC), National Christian Fellowship of Bangladesh (NCFB), Bangladesh Baptist Church Fellowship Trust (BBCFT), Koinonia. Development Committee of Kurmitola Golf Club. President – BTMA, Bangladesh Employers Federation (BEF), Bangladesh Herbal Products Manufacturing Association. Executive Committee Member- Board of Governors of Bangladesh Enterprise Institute (BEI), Board of Directors of Bangladesh Textile Mills Association, Bangladesh Association of Pharmaceutical Industries (BAPI), Bangladesh Foreign Trade Institiute (BFTI) Board of Directors. Credit Rating Agency of Bangladesh Limited (CRAB) Board of Directors, Member – Advisory Committee, Ministry of Commerce .

Alamgir Shamsul Alamin Director

Managing Director- Shamsul Alamin Real Estate Ltd., SAMCO Retail Ltd., Shopper's World Ltd. SEASONS Director- Fuad Spinning Mills Ltd., SA Spnning Mills Ltd.,


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A. K. M. Rahmatullah, MP Director

Member of Parliament (1986-1988,1996-2001, 2008-2013 & 2014-till) Chairman- FB Footwear Ltd., Foodbed Foot wear Ltd. Standing Committee on ministry of Information.

Managing Director-Apex Tannery Ltd, Daichipex Textile Mills Ltd. Apex Property Dvp. Ltd.

Member - Parliamentary Standing Committee on Ministry of Posts, Telecommunication and Information Technology.

Chief Adviser- Bangladesh Finished Leather, Leathergoods and Footwear Exporters' Association (BFLL & FEA), Dhaka Mahanagar Samity (Dhaka Samity)

Founder- A. K. M. Rahmatullah University College, Beraid, Gulshan,Dhaka. Roushan Ara Girls High School, Beraid, Gulshan,Dhaka.

Syed Nasim Manzur Director

Chairman – Landmark Footwear Ltd. Managing Director- Apex Footwear Ltd., Apex Enterprises Ltd. Director- Apex Tannery Ltd., Apex Pharma Ltd., Apex Investment Ltd., Grey Advertising Bangladesh Ltd., Quantum Consumer Solutions Ltd., Blue Ocean Footwear Ltd., Guardian Life Insurance Ltd. President – Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka, Leathergoods & Footwear Manufacturers & Exporters Association of Bangladesh (LFMEAB)

Shusmita Anis Director

Nominee Director & Managing Director – ACI Formulations Ltd. Director- ACI Foundation, (Non Profitable Organization) Shareholding Director- Consolidated Chemicals Ltd. Nominee Director- Advanced Chemical Industries Ltd., ACI Pure Flour Ltd., ACI Salt Ltd. Stochastic Logic Ltd., ACI Health Care Ltd. , ACI Foods Ltd., ACI Logistics Ltd., ACI Motors Ltd.,Premia Flex Plastics Ltd., Creative Communication Ltd., ACI Chemicals Ltd., Neem Laboratories (Pvt.) Ltd., Aloe Organics (Pvt.) Ltd., Green Business and Marketing Company BD Ltd.

M.A. Majed Director

Executive Director- Apex Tannery Ltd. Director- Alliance Leather Goods & Footwear Ltd. Corporate Director – Alliance Focus Footware Ltd.

Fahama Khan Director

Director- Hedayetullah Securities Ltd., Apex Leathercraft Fashion & Accessories Ltd., Apex Property Ltd., Foot Bed Footwear Ltd. Former Sponsor Director- Mutual Trust Bank Ltd.


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Parven Akhter Director

Managing Director- Parvin Properties & Technologies Ltd.

Mrs. Rozina Afroze Director

Chairman – Baridhara Corporation Ltd.

Ms. Sanchia Chowdhury Director

Director – Square Fashions Limited., Square Securities Management Limited.

A. Matin Chowdhury Independent Director

Managing Director – Malek Spinning Mills Limited., Knit Asia Limited. New Asia Limited.

Former Chairman – Bangladesh Textile Mills Association (BIMA) Founder Trustee – Independent University Bangladesh (IUB), Chittagong Independent University, Bangladesh University of Health Science Trust (BUHS Trust). Chairman – Underprivileged Children’s Education Programme (UCEP), Education, Science, Technology and Cultural Development Trust (ESTCDT), Shaheed Khalek and Major Salek Bir Uttom Trust. Member – National Council of Diabetic Association of Bangladesh (DAB), Bangladesh Legal Aid & Services Trust (BLAST)

Syed Abdus Sobhan Director

Managing Director - Mississippi Knitwear Ltd. , Seaboard Labels & Accessories Ltd. Director – Floral Accessories Ltd.


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Captain A B Tajul Islam (Retd), MP Director

Ex. State Minister of Ministry of Liberation War Affairs Proprietor - Taj Corporation Managing Director - Pride Steel Mills Ltd. Director - Cavalier Ltd. Chairman - Pride International Ltd. , Standing Committee on Ministry of Liberation War Affairs Member - Army Golf Club, RAOWA Club, Flying Club Ltd. Chittagong Boat Club

M. Mokammel Haque Director

Retired Secretary to the Government of Bangladesh.

Q. A. F. M. Serajul Islam Managing Director


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ADMINISTRATIVE & TECHNICAL STRENGTH OF PIONEER INSURANCE COMPANY LIMITED

Q.A.F.M. SERAJUL ISLAM, Managing Director Mr. Q.A.F.M. Serajul Islam, after completing a post-graduate in Physics in 1972, joined as a Lecture with a private college. His career in insurance begins in 1978 when he joined with Sadharan Bima Corporation. He was holding important position in different Departments of SBC and was Deputy General Manager of Reinsurance Department when he retired voluntarily from SBC in 2003. In the same year, he joined with Pragati Insurance Limited as Deputy Managing Director. In September 2005, he joined with Pioneer Insurance Co. Ltd. as Additional Managing Director and took over the charge as CEO and Managing Director of the Company on January 14, 2007. He had his Professional Diploma in General Insurance from Bangladesh Insurance Academy in 1986. He also received training on insurance and reinsurance matters at home and abroad including a three weeks in house training on reinsurance at Tysers, London. More so, he attended various international seminars and conferences. In addition, he negotiated Reinsurance Treaties of SBC, Pragati Insurance Ltd. & Pioneer Insurance Co. Ltd. with local Re-insurers and Re-insurers in UK, France, Germany, Switzerland, Malaysia, Singapore, Inida, Bahrain etc. His total experience in insurance industry is about 37 years.

S.M. Mizanur Rahman, D.M.D. & Company Secretary Educational Qualification: M.B.A., B.Com. (Hon’s), M.Com., C.A. (Inter). Experience: Joined Peoples Insurance Co. Ltd. the 1st private sector General Insurance Company as Manager (Accounts) in 1985 and promoted to the post of A.G.M. then D.G.M. in 1991, he did switch over to a group of industries. In May 1994 joined with Bangladesh Co-operative Insurance Limited as A.G.M. (Accounts). In 1996 he joined with Pioneer Insurance Co. Ltd. as D.G.M. (Accounts). Now he is D.M.D. & Company Secretary of the Company. His total experience in insurance industry is about 30 years.

D.K. Chakraborty, D.M.D. & Zonal-in-charge, Chittagong Professional Qualification: Diploma in Insurance from Bangladesh Insurance Academy. Experience: Started General Insurance Profession under Mercantile Fire & General Insurance Company Pak. Limited in 1962. Served as Branch-in-charge under Popular Ins. Co. Ltd. from 1968 till Nationalization. Served with Sadharan Bima Corporation from its inception as Asst. Manager till 1985. Joined Peoples Ins. Co. Ltd. in 1985 as an In-charge, Khatungonj Branch and promoted to the rank of Deputy General Manager in 1987. Resigned from Peoples Ins. Co. Ltd. in the year 1991 and joined Reliance Ins. Ltd. as Zonal-in-charge, Chittagong and worked there till 14.07.1997. Resigned from Reliance Ins. Ltd. in the year 1997 and joined Pioneer Insurance Co. Ltd. as Zonal-in-charge, Chittagong and promoted to the post of D.M.D. in 2003. His total experience in insurance is about 53 years.

Al-Moeiz Laiwala, MBA (IBA-DU), D.M.D. Joined the Insurance industry on Completion of Masters of Business Administration from the institute of Business Administration, University of Dhaka in the year 1995. Taken extension training on Basic course of Insurance at the Bangladesh Insurance Academy. Thereafter undergone on the job training in various departments of the Company (Reliance Insurance Ltd.) e.g. Underwritings, Claims, Reinsurances etc. and thereafter posted at Company’s Chittagong Zonal Office as Deputy Zonal-in-charge in the year 1996. Later in the year 1997 was entrusted with the responsibility of Zonal-in-charge, Chittagong Zone. He has joined with Pioneer Insurance Company Limited in the year 2008 as Deputy Managing Director & In-charge of Marketing Department, Head Office. Also attended International seminar organized by Arab Insurance Group at Bahrain on Managing Competition and change in soft market. Now having over 16 years experience in the field of General Insurance, Covering Marketing & Sales Management, Risk Assessment and Underwriting. Studying and accessing the Company profile and financials of the client. Prior to this also gained about a year’s experience in Marketing and Sales Management of the product of Proctor and Gamble. About 4 years experience as Project In-charge of a Leather Industry (a project of Industrial Promotion Services of Aga Khan Development Network) with exposures on Project Installation, commissioning and Operations and about 3 years experience in managing the Gas Station owned by the family.


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Salimur Reza Chowdhury, D.M.D. Educational Qualification: B.A. Experience: He joined Janata Insurance Co. Ltd. in the year 1988. He served Janata Insurance Co. Ltd. for 09 years commencing from 01.01.1988 in the development side and continued till 1996. He was the Branch-in-charge of Kawran Bazar Branch since 1995 to 1996 as Asst. Vice President. He joined Pioneer Insurance Co. Ltd. in 1997 as D.G.M. Now he is holding the post of Deputy Managing Director & In-charge, Local Office. His total experience in insurance is more than 27 years. Shamima Faizy, D.M.D. Educational Qualification: M.A. in Bengali in 1975. Experience: Served BCI Bank Ltd. prior to her joining in Pioneer Insurance Co. Ltd. as A.G.M. (Dev.), she worked with Peoples Insurance Co. Ltd. since 08.02.1998. She is now Deputy Managing Director, Marketing Department, Head Office. Her total experience in insurance is about 18 years. Showkat Hossain Siddiki, D.M.D. Educational Qualification: B.Sc. Experience: Prior to his joining in Pioneer Insurance Co. Ltd. as Executive Director (Dev.), he worked with Peoples Insurance Co. Ltd. since 1985. Now he is holding the post of Deputy Managing Director & In-charge, Gulshan Branch. His total experience in insurance is about 30 years. Shariful Islam Chowdhury, D.M.D. Educational Qualification: B.Com. in 1981. Experience: Served with SACO Int. Ltd. as Public Relations Officer from 1988 to 31.12.1991. Joined Central Ins. Co. Ltd. in 1992 as Public Relations Officer. Resigned from Central Ins. Co. Ltd. in the year 1997 and joined Pioneer Insurance Co. Ltd. as Branch-in-charge in V.I.P. Road Branch. Now he is holding the post of Deputy Managing Director & In-charge, V.I.P. Road Branch. His total experience in insurance is about 23 years. Mohd. Abu Taiyab, D.M.D. Educational Qualification: M.Com. Experience: Started insurance career in 1989 with Federal Insurance Co. Ltd. and continued his job with them till April 2009. He joined Pioneer Insurance Co. Ltd. on May 2009 as Assistant Managing Director. Now he is holding the post of Deputy Managing Director. His total experience in insurance sector is about 26 years. A.K.M. Jashim Uddin Ahmed, D.M.D. Educational Qualification: M.A. in Economics in 1969. Professional Qualification: Diploma in Insurance from Bangladesh Insurance Academy in 1985 and stood first. Training: Completed various training courses on insurance both within and outside the country. Attended a 3 months training course on Insurance Management & General Insurance conducted by International Insurance Institute for Asia & Pacific/UNDP/UNCTAD in Manila in 1984. Stood 2nd in the examination and was awarded President’s Medal. Experience: Served with the then State Bank of Pakistan from April 65 to 9th Oct. 69 and joined Pakistan Insurance Corporation (PIC) on 10th Oct. 1969. He was absorbed with Sadharan Bima Corporation in 1973 wherefrom he retired on 30.12.2002 as Asst. General Manager (Reinsurance). Then he joined Pioneer Insurance Co. Ltd. on 01.01.2003 as G.M. He is now In-charge of Underwriting and Branch Control Departments of the Company and holding the post of Deputy Managing Director. His total experience in insurance industry is about 46 years.


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Shabbir Ahamedullah Sinha, D.M.D. Educational Qualification: MBA, M.Sc. in 1996. Experience: Started working in Pioneer Insurance Company Limited, Head Office as General Manager, Marketing Department in 2006. Before that, he worked with Peoples Insurance Company Limited in since 1994, last designation was Senior Manager. He is now holding the post of D.M.D. & In-charge of the Company’s Dilkusha Branch and has total experience in insurance is about 21 years. Monjurul Hoque, D.M.D. Educational Qualification: M.Sc. in Geographical Science from Dhaka University. Training: Received training on Strategic Management & Planning from Institute of Business Administration (IBA), Dhaka University and Motor & Engineering Underwriting from Bangladesh Insurance Academy, Mohakali, Dhaka. Experience: Started insurance career on 30th April 1986 with Pragati Insurance Limited and continued with them till 14th August 2008. He then joined with Pioneer Insurance Company Limited on 22nd September 2008 as Executive Director & In-charge of the Company’s Shantinagar Branch. He is now holding the post of D.M.D. & In-charge of the Company’s Shantinagar Branch. His experience of working in insurance is about 28 years. Tarik ur Rahman, D.M.D. Educational Qualification: B.Com. (Hon’s), M.Com. in Management. Experience: Joined Bangladesh General Insurance Company Ltd. as Assistant Manager (Dev.) in December 1985 and continued his job with them till May 2010. Promoted to the rank of Deputy Managing Director and Zonal-in-charge, Chittagong in the year 2009. Gained extensive experience in Risk Assessment, PML, Underwriting, Claims and Marketing. Resigned from Bangladesh General Insurance Company Ltd. in May 2010 and joined Pioneer Insurance Company Ltd. as Assistant Managing Director. He is In-charge of Reinsurance Department of the Company. His total experience in insurance is about 29 years. Training: Participated in overseas and local training programmes on General Insurance, Reinsurance, Industrial All Risk Insurance, Claim Management, Reinsurance Management, Actuarial Appreciation, Risk Management & PML, Property Risk Management and Fundamentals of Risk Survey organized by Insurance Institute of India, Mumbai, National Insurance Academy, Pune, India and Bangladesh Insurance Academy. He also accredited with the Award of the Insurance Institute of India for his academic excellence. Professional Attainments: He has been invited as a part-time guest faculty by Premier University, Independent University and Bangladesh Insurance Academy to conduct classes on Risk Management and Insurance. He also works as a Risk and Insurance Management Consultant in different Group of Industries. Abdul Momen, D.M.D. Educational Qualification: B.A. (Hon’s), M.A. Experience: Started insurance career in 1985 and last position Asst. Managing Director in Pragati Insurance Ltd. He joined Pioneer Insurance Co. Ltd. on December 2011 as Deputy Managing Director. His total experience in insurance sector is about 30 years. Md. Zakir Hossain, D.M.D. Educational Qualification: MBA (Marketing) Experience: Joined in the Insurance Sector at 1991 & worked at many different Insurance Companies. Later he joined Pioneer Insurance Company Limited as Deputy Managing Director in January,2012. His total experience in Insurance sector is about 24years.


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Gazi Mohammad Sarwarul Alam, D.M.D & Branch In-Charge, Khatugonj, Chittagong. Educational Qualification: Educational Qualification: B.A (Hon’s) M.A in Islamic History & Culture from Chittagong University.(Year-1982) Experience: Experience: Started insurance career in Peoples Insurance Co. Limited as Asstt. Manager in 1987 and continued his job with them till May 2013. Promoted to the rank of Executive Director & Branch Head in Jubilee Road Branch, Ctg. Resigned from Peoples Insurance Co. Limited in the year-2013 and joined Pioneer Insurance Co. Limited as DMD & Branch Head, Khatungonj Branch, Chittagong. Total Experience in insurance is about 28 years. Md. Abidul Haque, A.M.D. Educational Qualification: B.Com. Experience: After long experience in banking, he joined with Pioneer Insurance Company Limited in 2007 as Executive Director, Marketing Department. He is now holding the post of A.M.D. & In-charge of the Company’s Bangabandhu Avenue Branch, Dhaka. His experience of working in insurance is about 07 years. Salim Sajjad Haque, A.M.D. Educational Qualification: B.Com. (Hon’s), M.Com. in Finance from Dhaka University. Experience: Served Northern Insurance Co. Ltd. in many capacities including Head of Establishment. Then joined Marketing Department of Pragati Insurance Ltd. & served as Branch-in-charge of Dilkusha Branch of the Company. Joined Pioneer Insurance Company Ltd. as Executive Director in April 2010. He is now holding the post of A.M.D. Md. Nazrul Islam Talukder, A.M.D. Educational Qualification: Bachelor of Commerce, University of Dhaka. Experience: He joined Pragati Insurance Ltd. in the year 1989. He served Pragati Insurance Ltd. for 21 years commencing from 06.09.1989 in the Marketing Department and continued his service till 30 April 2010. He was the Branch-in-charge of Imamgonj Branch & Uttara Branch since 2004 to 30 April 2010 as Deputy Vice President. He joined Pioneer Insurance Co. Ltd. as Executive Director from 2nd May 2010. He is now holding the post of A.M.D. & In-charge of the Company’s Uttara Branch. Training: Completed various training course on insurance within the country. Md. Mahabbatur Rahman Khan, A.M.D. Educational Qualification: M.Com. in Accounting in 1992. Experience: Started insurance career in 1994 with Reliance Insurance Limited and continued his job with them till 1999. He joined Pioneer Insurance Co. Ltd. on 11.02.1999 as Manager, Marketing Department. Now he is holding the post of A.M.D. & In-charge, Kawran Bazar Branch. His total experience in insurance is about 22 years. Sk. Rahat Ahmed, A.M.D. Educational Qualification: B.S.S. Experience: Prior to his joining in Pioneer Insurance Co. Ltd. as General Manager (Dev.), he worked with Insurance Industry since 1991. Now he is holding the post of Executive Director & In-charge, Khulna Branch. His total experience in insurance is about 24 years.


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Md. Shahidul Islam, A.M.D Educational Qualification: B.A. Experience: Prior to his joining in Pioneer Insurance Co. Ltd. as General Manager (Dev.), he worked with Insurance Industry since 1989. Now he is holding the post of Executive Director & In-charge, Barisal Branch. His total experience in insurance is about 26 years. Ahmed Tazidqul Mowla, E.D. Educational Qualification: B.Com. Experience: Prior to his joining in Pioneer Insurance Co. Ltd. as General Manager (Dev.), he worked with Pragati Insurance Limited since 1986. Now he is holding the post of Executive Director & In-charge, Sylhet Branch. His total experience in insurance is about 29 years. Md. Musa Reza Siddiqui, E.D Educational Qualification: M.Com. in Accounting in 1987. Experience: Started insurance career in February 1989 with Reliance Insurance Limited and continued his job with them till October 12/07/1997. He joined Pioneer Insurance Co. Ltd. on 13/07/1997 as Manager, Marketing Department. Now he is In-charge, Sheikh Mujib Road Branch. His total experience in insurance is about 26 years. Md. Musa Reza Siddiqui, E.D & Branch In- Charge, Sheikhmujib Road, Chittagong. Educational Qualification: M.Com. In Accounting in 1987. Experience: Started insurance career in February 1989 with Reliance Insurance Limited and continued his job with them till October 12/07/1997. He joined Pioneer Insurance Co. Ltd. on 13/07/1997 as Manager, Marketing Department. Now he is In-charge, Sheikh Mujib Road Branch. His total experience in insurance is about 27 years. Mosharraf Hossain, G.M. Educational Qualification: M.A. M.B.A. (DU), Dip. CII(UK) DMII (Malaysia) Experience: Prior to his joining in Pioneer Insurance Co. Ltd. as General Manager, he worked with Reliance Insurance Co. Ltd. since 1990. Now he is holding the post of General Manager, Branch Control & MIS Department at Head Office. His total experience in insurance is about 24 years. Mosharaf Hossain Majumder, G.M. Educational Qualification: B.Com. Experience: Prior to his joining in Pioneer Insurance Co. Ltd. as Sr. Deputy General Manager (Dev.), he worked with Insurance Industry since 1995. Now he is holding the post of General Manager & In-charge, Moghbazar Branch. His total experience in insurance is about 20 years.


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Aman Ullah (Aman), G.M. & Branch In-Charge, Jubilee Road, Chittagong. Educational Qualification: B.Com. Experience: Started insurance career in 1995 with Reliance Insurance Limited and continued his job with them till June, 2007 then He joined Pioneer Insurance Co. Ltd. On in July, 2007 as D.G.M and Branch In-Charge in Jubilee Road Branch. His total experience in insurance is about 21 years. S.M. Jasim Uddin, G.M. Educational Qualification: B.S.S. (Hon’s), M.S.S. in Public Administration in 1986. Professional Qualification: Diploma from Bangladesh Insurance Academy with Tyser Award for 1st position in the Final part Exam. Experience: Started insurance career on November 18, 1989 with Pragati Insurance Limited and continued with them till March 31, 2010. He then joined with Pioneer Insurance Co. Ltd. on April 01, 2010 as Sr. Deputy General Manager, Branch Control & MIS Department at Head Office. Now he is holding the post Sr. D.G.M., Underwriting Department at Head Office. His working experience in the insurance arena is about 26 years. Dhruba Kumar Guha, C.F.O. & Sr. D.G.M. Educational Qualification: MBA, Completed I.C.M.A. partly. Training: He has successful training on i) Company Management, ii) Sound Business & Financial Practices in Insurance Industry, iii) Corporate Tax & VAT, iv) Deduction of VAT & Income Tax at source, v) Business English (Advance Level). Experience: Started insurance career in 1990 with Bangladesh Co-operative Insurance Ltd. as a Probationary Officer and continued his job with them till October 1996. He joined Pioneer Insurance Co. Ltd. on November 1996. Now he is holding the post of Chief Financial Officer in the rank of Sr. D.G.M. at Head Office. His total experience in insurance is more than 25 years. S.M. Nazmul Islam Bhuiyan, Sr. D.G.M. Educational Qualification: B.Com. (Hon’s), M.Com. in Accounting in 1983. Experience: Started insurance career in 1990 with Janata Insurance Co. Ltd. and continued his job with them till May 1997. He joined Pioneer Insurance Co. Ltd. on June 1997. Now he is holding the post of Sr. Deputy General Manager, Internal Audit, Head Office. His total experience in insurance is about 25 years. M. Nazib Iqbal, Sr. D.G.M. Educational Qualification: MBA, B.Com. (Hon’s), M.Com. in Management in 1989. Training: Overseas training on General Insurance conducted by College of Insurance at Mumbai, India. Attended various training courses on Insurance, Computers and Business English Course (Advance Level). Experience: Joined Reliance Insurance Ltd. on 11th August, 1988. Resigned from Reliance on 30.04.2000 and joined Pioneer Insurance Co. Ltd. on 02.05.2000 as Manager. Well experienced in all types of underwriting. Now he is holding the post of Sr. Deputy General Manager, Specialized Underwriting Department, Head Office. His total experience in insurance is more than 28 years.


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Abdul Hannan Chowdhury, Sr. D.G.M & Branch In-Charge, Kadamtali, Chittagong. Educational Qualification: M.Com. in Accounting in 1985. Experience: Started insurance career in March 1987 with Pragati Insurance Limited and continued his job with them till March 2009. He joined Pioneer Insurance Co. Ltd. on 17/06/2009 as Deputy General Manager, Marketing Department. Now he is In-charge, Kadamtali Branch, Chittagong. His total experience in insurance is about 28 years. Habibur Rahman Chowdhury, Sr. D.G.M. Educational Qualification: MBA, Post Graduate Diploma in Human Resource Management (secured 1st position in order of merit) from the Institute of Personnel Management, Bangladesh in 2002. He also obtained the professional degree, BIA Diploma in General Insurance from Bangladesh Insurance Academy in 2013. Training: Certificates awarded by IBA, Dhaka University, BUET, IBCS-Primax, Bangla Academy and other Institutes for successful training on IT. Certificate awarded by MCCI, Dhaka in Business Communication Skills. Certificate awarded by MMCG & FLF for successful participation at the workshop on “Creative Selling Techniques” at British Council Auditorium. Certificate awarded by IUB in Business English (Advance Level). Attended “2012 Programme for Insurance Executive Development (PIED)” in Kuala Lumpur, Malaysia. Experience: Started Insurance career on 2nd May, 1987 with Peoples Insurance Company Limited and continued his job with them till 3rd January, 1999. He joined Pioneer Insurance Co. Ltd. on January 04, 1999. Now he is holding the post of Senior Deputy General Manager, Head of HR and Admin. He is one of the Fellow of IPM and Ex-Vice President of EC of IPM. His total experience in insurance is above 27 years. Akbar Hossain, Sr. D.G.M. Educational Qualification: M.Com. Diploma from Bangladesh Insurance Academy with Tyser Award in 1996. Training : 1) Marine Insurance Underwriting, Claim and Re-insurance conducted by Bangladesh Insurance Academy (stood first) 2) Fire Insurance Underwriting,Claim,Re-insurance(Theory & Practice) Conducted by Bangladesh Insurance Academy (Stood first). Experience: Started insurance career in 1988 with Pragati Insurance Ltd. and continued his job with them till December 2011. He joined Pioneer Insurance Co. Ltd. on 1st January, 2012 as Deputy General Manager, Claims Department, Head Office. His total experience in insurance is about 26 years. Md.Amirul Hoque (Shameem),D.G.M. & Incharge, G.E.C. More Branch, Chittagong. Educational Qualification: Educational Qualification: B.Com(Pass) in 1988. Experience: Started Provotionery Officer (Maketing) in Provati Ins. Co.Ltd, Jubilee Road Branch in 1997 then Rupali Ins.Co.Ltd, Laldighi Branch as a Manager (Marketing) in July, 1997 to 10th July, 2000 then 12th July, 2000 to 12th Feb, 2008 in Eastland Ins.Co.Ltd,Laldighi Branch as a V.P. & Incharge, then Peoples Ins.Co.Ltd, Khatungonj Branch as a D.G.M. & Incharge from 13th Feb 2008 to 02nd Feb, 2009 and now 03rd Feb, 2009 to till now in Pioneer Ins.Co.Ltd, as a D.G.M. & Incharge in G.E.C More Branch, Chittagong.


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A.K.M. Abdul Alim, D.G.M. Educational Qualification: Diploma in Engineering-Mechanical. Training: Received training on different aspects of General Insurance matters from Bangladesh Insurance Academy. Attended “Annual Business Partners Seminar” in Kuala Lumpur, Malaysia. Experience: Joined with Reliance Insurance Limited in 1987 and worked there in Underwriting Department for 03 years. In 1996 joined with Pioneer Insurance Co. Ltd. in this Underwriting Department as Officer. Now he is Deputy General Manager, Underwriting Department, Head Office and having about 23 years of experience of working in insurance. S.M. Fakrul Islam, A.G.M & Branch In-Charge, Cox’s Bazar, Chittagong. Educational Qualification: BA (Honors), MA Chittagong University. Experience: Started insurance career 1990 to 1996 with Finix Insurance Limited and 1996 to 2008 with Reliance Insurance Limited then He joined Pioneer Insurance Co. Ltd. on July, 2008 as a Manager and Branch In-Charge. His total experience in insurance is about 26 years.


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INSURANCE AN OVERVIEW

What is Insurance

• It is protection against the financial effect of loss. • Insurance is a risk transfer mechanism. • Transfer risk from the insured to the insurer.

What is Risk Risk is something which may or may not happen, endangers an enterprise from achieving its goal and target. It may be classified as either pure or speculative. Speculative risk involves the possibilities of loss or gain. Pure risk involves only the possibility of loss or no loss. Only pure risk may be covered under insurance. There are two factors that work together to cause or contribute to losses. They are perils and hazards. Perils & Hazards A peril is a cause of loss. We speak of the peril of fire, windstorm, flood or theft. Each of these can be the cause of a loss. A hazard, on the other hand, is a condition that may create or increase the chance of loss arising from a given peril. Hazards are normally classified into three categories :-

1. Physical Hazards Consist of those physical properties that increase the chance of loss from the various perils. 2. Moral Hazard refers to the increase in the probability of loss which results from evil tendencies in the character of the

insured person. 3. Morale Hazard not to be confused with moral hazard, results from a careless attitude on the part of insured persons

toward the occurrence of losses. What is insurable Certain conditions must exist before insurance is possible.

1. large number of homogeneous exposures 2. The loss can be measured in monetary term’s. 3. The premium must be reasonable. 4. The loss must be entirely fortuitous 5. No prospect of gain or profit. 6. Not against public policy 7. The person insuring must suffer loss. 8. The loss must not be catastrophic.


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How does insurance help society? Insurance helps society by reimbursing people and businesses for insured losses, encouraging accident prevention, providing funds or investment, enabling people to borrow money, and reducing anxiety. (a) Payment of losses. (To put the insured in the same financial position immediate before the loss.) (b) Accident prevention. (c) Investment in the Economy. (d) Support for credit. (e) Reduction of Anxiety. What do insurance companies do with the premiums they collect. Basically insurance companies do three things with the premiums they collect. First, the money is used to pay claims. Second, it is used to pay expenses involved in selling and providing insurance protection. Finally, it is invested if not needed immediately.

Payment of Claim. Re-insurance Payment. Management Cost. Investment of Funds.

HOW DOES INSURANCE WORK?

The whole basis of Insurance is to spread the RISK as far as possible. LOSSES OF THE FEW are paid for by the CONTRIBUTIONS OF MANY. Transferring the Risk does not in itself prevent losses from occurring but it provides a form of financial security and

peace of mind for the Insured. CLASSIFICATION OF INSURANCE:

Marine - insurance of Hull, Cargo & Freight. Fire - insurance of material loss or damage by fire & special perils, Loss of Profit. Life- Human life related insurance. Misc. & Accident- that are not within above departments.


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REINSURANCE INSURANCE OF INSURANCE. * A further step in the basic principle of insurance viz., spreading of risks. * A process whereby large risks and exposures are atomized and spread among insurers so that any loss thereon descend

lightly on all. REINSURANCE CONTRACT Insured Insurer Re-insurer

MAIN FEATURES

The Insured only has a contractual relationship with the insurer.

The Insured is not a party to the reinsurance contract The Insurer must pay valid claims, even if he fails to recover from his re-insurers.

MAIN FUNCTIONS Helps insurers to offload a part of their accumulation with other insurers and ensures safety in the event of a big claim.

Insurers are given additional underwriting capacity. Enables insurers to have a wider spread (Internationally) of catastrophic losses which can place grave strain on

national economy. Enables the direct insurer to expand the volume of business without an increase in capital. Helps insurers through exchange of technical information and assistance. Protects insurer’s Balance Sheet. Shareholders are assured of financial stability of the company. Insured is rest assured to get the claim in full in view of the reinsurance backup. The insured is protected against abnormal increase in rate of premium arising out of a single loss. The reinsurance capacity adds to the insurers capacity which in turn helps to accept large risks. Big industries and

insured are relieved of the worry of searching for insurance capacity on their own.


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SOME OF OUR VALUED CLIENTS

A.A. Power Generation Company Ltd. A.A. Synthetic Fiber Ltd. A.H. Jute Spinners & Belting Ltd., Abdur Razzaque Ltd. Abul Khair Group ACME Group Ltd. ACME Laboratories ACS Textiles (BD) Ltd. Advanced Chemical Industries Ltd. (ACI), Aftab Group of Industries Agrani Pat Sangstha Ahad Jute Mills Ahsan Medical Hall AJI Group Akbar Composite Ltd. Akbar Cotton Mills Ltd. Akbar Textile Mills Ltd. Akij Group Al Salam Fabrics Ltd., Alam Fibers Alamgir Jute Traders Al-Haj Karim Textile Ltd. AL-Hemadi Textile Ltd. Alita (BD) Ltd. Alliance Stitches Ltd. Alltex Group of Industries. Alster International Trading Co. Ltd., American International School Amjad Hossain Mridha Anik Jute International Anlima Dyes & Chemical Anlima Textiles Ltd. Apex Adelchi Footwear Ltd. Apex Pharma Ltd. Apex Tannery Ltd., Arbab Poly Pack Arbab Poly Pack Ltd. Areq Garments Industries Ltd., Aretic Biscuits (Pvt) Ltd. (Pearl-G Biscuits, India) Art Auto Corporation (Car Importer). Ashik Composite Textiles Mills Ltd. Aswad Composit Mills Ltd.

B.M. Jute Grading Bestec (Bd) Limited. B.S. Jute Spinners Ltd. Banalata Apparels Ltd., Bangladesh Shooting Federation. Bangladesh Silk Foundation (A World Bank

Finance Project),

Bangladesh Spinners & Knitters (Pvt.) Ltd. Bangladesh Steel Re-Rolling Mills Ltd.,(BSRM) Barakatullah Electro Dynamics Ltd. Bashundhara Group of Industries, Basic Apperales Ltd. Bedfoot Bengal Group Bengal Jutex Berger Paints (BD) Ltd. Birdem Hospital Bismilla Airlines Ltd. BNS Group Boss Plastic Industries Ltd. BRAC Bank Ltd. BRAC BD Mail Network Ltd. Brothers Trade International Brustoff Group of Industries, BSRM Group of Industries,

Chemi Colors Citex Sweaters Ltd. Confidence Salt Cox’s Bazar Polly Bidyut Samity

Dacca Dyeing. Dacca Dying Delta Composie Knitting Industries Ltd. Delta Spinning Mills Ltd. DHS Motors Ltd, Diamond Cement Ltd. Diamond Cement Ltd., Diamond World Ltd. Diamond World. Doreen Hotel & Resort Ltd. DSV Air & Sea Ltd. Dutch Bangla Bank Ltd. Dynamic Textile Industries Ltd., Dysin Group. Echo Group

Electrical System Services Co. Ltd., Elite Security Services Ltd. Eversmart Group

F.M. Jute Supply Faiyaz Apparels Ltd., Familytex BD Ltd. Faridpure Jute Fiber. Farmin Apparels Ltd., Fashion Concern Ltd.,


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French Company working as consultant of Saydabad Water Treatment Plant Project,

Fu-wang Ceramic Industries Ltd.,

G.B.B Ltd. G.B.B. Power Ltd. G.C Box Ltd. Gallerie Apex Genesis Systems Ltd. Genetica Group GlaxoSmithKline Global Fabrics Ltd., GMCP Corporations Ltd Golden Jute Supply Gono Shahajyo Sangstha (G.S.S.) an ODA

Funded Project,

Habib Bank Ltd. Habib Group Hakkani Group of Companies Hamza Textiles Ltd. Herok Jute International HNS Automobiles. Holcim Bangladesh Ltd. Hotel Agrabad, Chittagong HSBC HKD Hitech Limited.

ICB Islamic Bank Ltd. IFIC Bank Ltd. Information Solutions Ltd. International Knitters & apperals Ltd. Intimate Apparels Ltd. IRIS Group of Industries. Ismail Textile Mills Ltd. Israq Spinning Mills Ltd.

J.L. Fashions Ltd. Jam Thread Ltd. Jamuna Bank Jay Jay Mills (BD) Ltd. Jinnat Apparels Ltd., Jishan Jute Trading

K.C. Apprels Kang Book (bd) Limited. K.L.F Agro Extracts BD Ltd. Kader Synthetic Group Karim Jute Spinners Ltd. Karooni Knite Composite Ltd. Kayaba Group Khahinoor Group Knit Concern Ltd. Kohinoor Chemical

L.C.B International (BD) Ltd. L.R Jute Graden Lafarge Surma Cement Ltd. Lhoste (Bd) Limited.

M. Ahmed Tea & Lands Ltd. M.K. Sweaters Ltd. M/s. Sirajul Islam Mahadeen Group Majumder Group Malek Spinning Group, Masco Group Mascot Group Matin Spinning Mills Ltd. Meghna Cement Ltd. Merimo Ltd. & Merim Company Ltd. Meghna Estuary Studies, Mim Group Ltd. Mitali Traders Mitali Traders Monno Bone China Limited Monno Ceramic Industries Monno Group Ltd. Monowara Jute Fibers Mosharaf Composite Textile Mills Ltd. Mossaffar Spinning Mills Ltd. Mothahar Group of Industries. MSA Spinning Ltd. Multiple Trading Mutual Trust Bank Ltd. Mytas Spinning Mills (Pvt) Ltd.,

N.C Jute Trading Nahid Composite Textiles Mills Ltd. Navana Textile Nazrul Group of Industries Netherlands Government Funded Project, New Peoples Jute Fibers New Samanbagh Tea Estate NGS Group Nice Cotton Ltd.. Noman Composite Textile Mills Ltd. Noman Group of Industries. Noman Home Textile Mills Ltd. Noman Weaving Mills Ltd. North South Spinning Mills Ltd. North South Universities. Novo Air.

OKM Food Products Ltd. Olympic Industry Ltd. Opsonin Pharma Ltd.

Otobi Ltd.


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Pacific Group, Perk (BD) Limited. Padma Group of Converters Palmal Group of Industries, Paper Teck Industries Ltd. PBM Packaging Ltd. Phoenix Construction Ltd., a British Consulting

& Construction Company, PHP Group. Pioneer Apparels Ltd. Pioneer Group. Pioneer Jute Traders Pran Group Prantik Jute Fibers Precision Energy Ltd. Pride Jute Mills Ltd.

Quality Feed Ltd. Quality Jute Suppliers

R.A Enterprise R.D. Jute Trading R.M. Group, Rahim Textile Mills Ltd., Rahimafrooz Group Ltd. Rahmania Aluminium Factory Rain KnitwearLtd. RAK Pharmaceuticals Ltd. Reedisha Spinning Ltd. Regent Airways Regent Power Ltd. Regent Textile & Regent Febrics Ltd. Reja Jute Trading Riad Jute Trading RMF Corp. (Pvt.) Ltd. Rural Power Co. Ltd.,

S.K. Jute S.R. Steel S.S. Traders Saad Saan Textile Mills Ltd. Salman Enterprise Save the Children (U.S.A.), Degremont, SBC Garments Accessories MFG (BD) Ltd. Scandex Group Sea Tex Ltd., Sejuti Jute Traders Setara Goup Shade Group (India) Shahjalal Newsprint Industries Ltd. Shahjalal Newsprint Industries Ltd. Shahnewaj Jute Bailing Shamsul Alamin Group of Industries, Shanewaz Group Shetu Group (Pesticides)

Shinepukur Ceramic Ltd. Shoppers World. Sir William Halcrow & Partners, one of the

largest consulting Firms under British grant Sonali Jute Mills Square Hospital. Square Pharmaceuticals Ltd. Standard Chartered Bank Ltd. Star Cement Ind. Ltd. State Bank of India. State Bank of Pakistan. Sufia cotton Mills Ltd. Sufia Fabrics Ltd. Summit Power Ltd. Sunrise International Superfine Spinners & Knitters (Pvt.) Ltd. Swedish Motors Ltd. Shamsuddin Spinning Mills Ltd. Square Group of Industries, Shanin Group, Shafi Enterprise. ( Interior Materials

Importer)

Talha Fabrics Ltd. Talha Spinning Mills Ltd. Talha Tex Pro Tampaco Foils Ltd. Thana Functional Improvement Pilot Project, an

EEC Funded Project in Health Sector, The Fashion Island Group.

Tianshi (Bangladesh) Co. Ltd (Herbal Product, China

Union Garments Ltd. Unique Hotel & Resort Ltd.(The Westin, Dhaka) United Chemicals & Pharmaceuticals Unity Industries (BD) Ltd. Urban Family Health Partnership, one of the

biggest US-AID Funded Projects in Health sector,

Uttamasha Cold Storage Ltd. Uttara Jute Traders Uttara Jute Traders. Uttara Pat Sangstha

Vidyut Bangladesh (pvt.) Ltd. Viyellatex Ltd.

Wahab Jute Trading Wistria Textiles Ltd. World Bank Worldye Dress Pants (BD) Ltd. Worldye Apparels Limited X-Net Ltd.


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Yasmin Spinning Mills Ltd. Yeasin Brothers YHL Garments Co. Ltd., Younusco Group Zaber & Zubair Accessories Ltd. Zaber & Zubair Fabrics Ltd. Zaber Spinning Mills Ltd. Zarba Textile Mills Ltd. Zubair Spinning Mills Ltd.

Multinational Companies

Airtel Bangladesh Ltd. Banglalink Grameen Phone ILO, Kafco Maersk (Bangladesh) Limited, Maersk BD Ltd. Mamiya-OP (BD) Ltd. Multi Panels Ltd. Nexus Group Nicole International Ltd., Northpole BD Ltd. Op-Seed Co. Bd. Ltd. Pacific Jeans Ltd. Rackittbenkeiser (BD) Ltd. Robi Singer Bangladesh Ltd., Swaraj International, UNICEF UNICEF, Unilever Bangladesh Limited. Univogue Garments Ltd. Wesfarmers Kleenheat ELPIJI Ltd Western Marine Shipyeard Ltd. WHO Young AN Hat (BD) Ltd. Zong Sine Textile Ltd., DEPZ

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