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Takaful Islami Insurance
Limited was established in 2002. A group of Businessmen
who had earlier launched a Islami
Bank in the private sector sponsored the company with 60
million taka capital. Sponsors included shipping
magnets, Doctors, Engineers, Bankers, Top Garment exporters and
Importers.
Market size of Bangladesh in the non-life
sector was Tk. 1,050 million in 1986. It has grown to Tk.
7975.70 million in 2006. The growth of private sector
non-life insurance business was primarily due to the
drive given and initiative taken by the private insurers
in exploring new avenues while to some extent it was due
to increase in project value and commodity prices in the
international market. The premium income of non-life
private insurers would have been much more had the term
“Public Property” been redefined to give its exact
detonations through exclusion from its orbit those
undertakings which had been setup with foreign loan in
the private sector and insurance premium thereon was
fully paid by the private entrepreneurs. This provision
has been hindering the growth of the private insurance
companies, as only the Govt. owned Sadharan Bima Corporation is allowed to insure
such “Public Property” with its present denotation.
We insure all traditional lines of non-life insurance
businesses viz. – Fire & allied risks including flood,
cyclone, earthquake, Typhoon, malicious damage,
burglary, riot, strike, damage, house breaking,
industrial all risks, DOS, machinery break-down, loss of
profit, business interruption, CAR/EAR, personal
accident including workmen compensation, motor insurance
of all descriptions & value, Travel medical & medical
insurance including treatment abroad to name a few broad
lines.
Paid-up capital of the company is Tk.60.00 million and Reserves
including capital reserves stood at Tk.64.39 million as 31st
December 2007. Total Asset as of 31st December, 2007 stood at over Tk.
2026.86 million.
Investment
: Company’s
investment portfolio is well balanced. Position in brief, as of
December, 2007, stood as below:
|
|
Amount
(Tk.) |
|
Govt. Bond |
Tk. 90,00,000.00 |
|
Shares (at cost) |
Tk. 2,12,10,243.00 |
|
TDR/FDR |
Tk.
8,17,00,000.00 |
|
Fixed Assets |
Tk. 64,34,004.00 |
|
Total |
Tk. 11,83,44,247.00 |
Claim Settlement: Client's
service and prompt settlement of claims are the key to the success
and growth of the company. Claims are settled immediately on
completion of the required formalities by the insured and the
surveyors. The company has settled claims of over Tk. 1307.52
lac since it started operation in 2001 till 2007. The gross
premium earned and gross claims settled during the last 5 (five)
years stood as under:
(Taka in lac)
|
|
2003 |
2004 |
2005 |
2006 |
2007 |
|
Gross Premium Earned |
496.65 |
751.77 |
1048.62 |
1343.75 |
1626.78 |
|
Gross Claim Settled |
73.56 |
85.40 |
173.74 |
200.95 |
624.67 |
Re-Insurance
arrangement: Company's
portfolio is adequately reinsured both at home and abroad. Fire and
allied risks are covered by surplus tsreaties and facultatively,
Marine Cargo risks are also covered by surplus treaties and facultatively, Motor risks are covered by 1st layer XL
treaties.
Engineering and Misc. risks are covered by surplus treaties
and facultatively. The
company has also cover for fire and marine cargo own retained
portfolio. Company's gross
premium income, reinsurance cession and net premium retention
for the year 2007 were as under:
(Taka in lac):
|
|
Fire |
Marine |
Motor& Misc |
Total |
|
Gross Premium |
717.99 |
665.04 |
243.73 |
1626.76 |
|
Re-insurance Cessions |
350.72 |
131.97 |
137.00 |
619.69 |
|
Retained Premium |
367.27 |
533.07 |
106.73 |
1007.07 |
|
