PRAGATI INSURANCE LIMITED

PRAGATI INSURANCE LIMITED was established in 1986. A group of young entrepreneurs of Bangladesh who had earlier launched a commercial Bank in the private sector sponsored the company with 30 million Taka capital. Sponsors included shipping magnets, Engineers, Road Builders, 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.12,284.20 million in 2009. With the arrival of private sector power companies like AES, gas giants like UNOCAL, SHELL and discovery of new off shore gas in the Bay of Bengal and other private sector infrastructure industry in the country, it is expected that there would be quantum jump in the non-life insurance premium portfolio in Bangladesh once the decision as to utilization or export of gas is taken by the Govt.
26th AGM of Pragati Insurance Limited
Besides, 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.447.80 million and Reserves including capital reserves stood at Tk.2,176.68 million thus making an equity base of Tk.2,624.48 million as of December 2011. Total Asset as of 31st December, 2011 stood at over Tk.3,461.34 million.
Investment
Company’s investment portfolio is well balanced. Position in brief, as of December, 2011, stood as below:







Amount (Tk.)




Govt. Bond


Tk. 4,500,000




Shares & Debentures (Revalued as per IAS-25 )


Tk. 386,731,018




Land (Freehold)


Tk. 828,337,503




Land & Building


Tk. 667,888,778




Total


Tk. 1887,457,299








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.370.45 million since 2007 till 2011. The gross premium earned and gross claims settled during the last 5(five) years stood as under:

(Taka In Million)







2007


2008


2009


2010


2011




Gross Premium earned


802.76


979.08


1,035.88


1,062.26


1,137.29




Net claim settled


58.42


48.65


92.37


110.68


60.33











Re-Insurance arrangement:

Company' portfolio is adequately reinsured both at home and abroad. Fire and allied risks are covered by surplus and Auto-Fac Treaties. Marine Cargo risks are also covered by surplus & Auto-Fac Treaties. Motor risks are covered by 3 layer XL Treaties. Engineering and Misc. risks are covered by Surplus Treaty. 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 2011 were as under (Taka in Million)







Fire


Marine


Motor & Misc.


Total








Gross Premium


484.09


420.03


233.16


1137.28




Reinsurance


239.87


46.19


18.36


304.42




Retained Premium


244.22


373.84


214.80


832.86