Reliance Insurance Bangladesh

What Reliance Insurance Bangladesh does

Reliance Insurance PLC is a Bangladesh-based, publicly listed non-life insurance company founded in 1988 as one of the first-generation private-sector insurers in the country. It operates across nine underwriting classes including Fire, Motor, Marine Cargo, Marine Hull, Engineering, Liabilities, Health, Overseas Mediclaim, and Miscellaneous, distributing products through 32 branch offices nationwide with a workforce of more than 348 staff. The company's underwriting book is supported by mandatory cession to Sadharan Bima Corporation and an international and domestic reinsurance panel; it carries a CRISL AAA credit rating and is governed by a board with representation from major Bangladesh conglomerates including Kumudini, Transcom and Rangs.

Reliance generates premium income through direct and broker-driven distribution across both commercial and personal lines. Disclosed FY2020 financials show a gross premium of Tk. 2,937.12 million against a net premium of Tk. 1,062.50 million, with total assets of Tk. 10,277.90 million. The company paid a 25% cash dividend for FY2020 and maintains an integrated insurance management system with an online portal that supports digital policy issuance and customer service. Its core technology is an in-house insurance management platform connected to web-based policy issuance, rather than an AI-driven underwriting stack, and processes are executed through the branch network with traditional underwriting, claims, and actuarial controls.

The company's business model combines earned premium and investment income on float, supplemented by ancillary real estate income via the Reliance Tower project initiated in 2015. Risk transfer relies on the reinsurance panel and mandatory SBC cessions, while customer segments are diversified across corporate clients tied to the sponsor conglomerates and retail policyholders for motor, health and overseas medical lines. The CEO, Md. Khaled Mamun, has been in role since 2014, with the Chair held by Rajiv Prasad Shaha, providing leadership continuity in a regulated, licensing-gated industry.

Name

Reliance Insurance Bangladesh

Legal name

Reliance Insurance PLC.

Website

https://reliance.com.bd

Company type

Public

Founded year

1988

Operating status

Operating

Headcount range

251–500 employees

Short description

Reliance Insurance PLC is a Bangladesh-based, publicly listed non-life insurer founded in 1988 that underwrites fire, motor, marine, engineering, liability, and health risks through 32 branches nationwide, serving both corporate clients tied to its conglomerate sponsors and retail policyholders.

Ownership category

akta.pro rank

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices15 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Insurance Premiums: Reliance Insurance generates revenue through underwriting non-life insurance policies including Fire, Marine cargo, Marine Hull, Engineering, Personal Accident, Overseas Mediclaim, Motor, Liability, Aviation Hull & Liability, and Miscellaneous insurances. The company earned gross premium income of Tk. 2,937.12 million and net premium income of Tk. 1,062.50 million for the year ended December 31, 2020.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Reliance Insurance PLC is a First Generation Private Sector Non-Life Insurance Company in Bangladesh that underwrites and distributes a comprehensive portfolio of general insurance products across nine categories — Fire, Motor, Marine Cargo, Marine Hull, Engineering, Liability, Health, Overseas Mediclaim, and Miscellaneous Insurance — for personal, commercial, and industrial clients. The company operates through 32 branch offices across Bangladesh backed by an online insurance portal (apps.reliance.com.bd) and reinsurance support from state-owned Sadharan Bima Corporation and a panel of foreign reinsurers. Revenue is generated through insurance premiums, with FY2020 gross premium income of Tk. 2,937.12 million and net premium income of Tk. 1,062.50 million.

Product overview

Reliance Insurance PLC is a First Generation Private Sector Non-Life Insurance Company in Bangladesh offering a comprehensive portfolio of 9 core insurance products: Fire Insurance, Motor Insurance, Marine Cargo Insurance, Marine Hull Insurance, Engineering Insurance, Liability Insurance, Health Insurance, Overseas Mediclaim Insurance, and Miscellaneous Insurance. The miscellaneous category encompasses 24 additional specialized coverage types. The company transacts all classes of non-life insurance business and provides both conventional and non-conventional insurance products to personal, commercial, and industrial clients across Bangladesh.

Differentiator

Problem solved

Functional benefit

Products and services

• Fire Insurance Traditional fire insurance covering fire and/or lightning risks with options to extend coverage to include Riot and Strike Damage, Malicious Damage, Flood & Cyclone, and Commercial Explosion; also includes Property Damage All Risk Insurance and Industrial All Risk Insurance for commercial and industrial clients.
• Motor Insurance Motor insurance policies for private vehicles (comprehensive and act liability) and commercial vehicles, covering own damages and third-party liability, with No Claim Bonus benefits for each claim-free year.
• Marine Cargo Insurance Marine cargo insurance covering transit by steamer/powered vessel, rail/lorry/truck, inland rail or road, inland cargoes (water borne), and air cargo, for commercial clients moving goods domestically and internationally.
• Marine Hull Insurance Marine hull insurance offering Total Loss Only (TLO) and Inland Time Clauses Hull (ITC) coverage for vessels used by ship owners and inland water transport operators.
• Engineering Insurance Engineering insurance including Machinery Insurance (Machinery Breakdown), Deterioration of Stock (DOS), Boiler and Pressure Vessel (BPV), Electronic Equipment Insurance (EEI), Erection All Risks (EAR), Oil & Gas Well Drilling Equipment Package (OGD), Work Plant (WP), Contractors Plant & Machinery (CPM), and Hotel Owners All Risks (HOAR), tailored for manufacturing, oil & gas, construction, and industrial asset operators.
• Liability Insurance Liability insurance covering Product Liability, Public Liability, and Commercial General Liability for businesses facing claims related to property damage, personal injury, bodily injury, and advertising injury.
• Health Insurance Health insurance covering medical treatment expenses while hospitalized due to illness or injury, including hospital accommodation, consultation, medical investigations, surgical operations, medicines, and ancillary services for individual consumers and groups.
• Overseas Mediclaim Insurance Overseas travel insurance protecting against accidental injury or sudden sickness while traveling overseas for business, holidays, studies, and employment, for individual travelers and their families.
• Miscellaneous Insurance Miscellaneous insurance including Bangabandhu Suroksha Bima, Bangabandhu Sportmen's Comprehensive Insurance, Sports Insurance, Agent Banking Insurance, Bankers' Blanket Bond, Burglary, Cash in Safe, Cash in Transit, Cash on Counter, Cash in Premises, Commercial General Liability, Clinical Trial Insurances, Employers Liability, Fidelity Guarantee, Hole in One Insurance/Event Cover, Marine Terminal Operators Liability, Personal Accident, Product Liability, Public Liability, Professional Indemnity, and Workmen's Compensation.

Quantifiable outcome

• AAA (Triple A) credit rating from CRISL indicating highest claim paying ability
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Eight partnerships are on record, tiered core.

• Sadharan Bima Corporation (SBC)coreTechnology or Integration · 1 April 2021Mandatory treaty reinsurer per Insurance Act 2010 requiring 50% of reinsurable risk placement. SBC is the state-owned non-life insurer and reinsurer in Bangladesh.
• Scor Reinsurance Asia-Pacific Pte. LimitedcoreTechnology or IntegrationForeign treaty reinsurer providing reinsurance capacity from Singapore operations.
• Labuan Reinsurance (L) LimitedcoreTechnology or IntegrationForeign treaty reinsurer providing reinsurance capacity from Malaysia.
• Peak Reinsurance Company LimitedcoreTechnology or IntegrationForeign treaty reinsurer providing reinsurance capacity from Hong Kong.
• Abu Dhabi National Insurance CompanycoreTechnology or IntegrationForeign treaty reinsurer providing reinsurance capacity from UAE.
• Saudi Reinsurance CompanycoreTechnology or IntegrationForeign treaty reinsurer providing reinsurance capacity from Saudi Arabia.
• Asian Reinsurance CorporationcoreTechnology or IntegrationInter-governmental organization set up by the United Nations providing reinsurance capacity from Thailand.
• General Insurance Corporation of IndiacoreTechnology or IntegrationForeign treaty reinsurer providing reinsurance capacity from India.

Scale indicators7 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Pioneer Insurance Company: Bangladesh private-sector non-life insurer offering fire, marine, motor, and engineering insurance. Directly comparable in product portfolio, target customer (corporate/SME), and distribution model to Reliance.
• Green Delta Insurance: Largest private-sector non-life insurance company in Bangladesh, offering comparable lines (fire, marine, motor, engineering, health). Most direct competitor to Reliance in the private non-life segment with overlapping corporate client base and distribution model.
• Nitol Insurance Company: Bangladesh private-sector non-life insurer offering fire, marine cargo, motor, and miscellaneous insurance. Direct competitor in Bangladesh's general insurance market with similar mid-tier positioning.
• Central Insurance Company: Bangladesh private-sector non-life insurer with similar product portfolio and corporate focus. Direct competitor in fire, marine, motor, and miscellaneous insurance segments.
• Eastern Insurance Company: Bangladesh private non-life insurer offering comparable lines (fire, marine cargo, motor, engineering). Operates in similar segments and geographies as Reliance with overlapping branch network.
• Desh General Insurance Company: Bangladesh private non-life insurer providing fire, marine, motor, and engineering insurance. Directly comparable in product offering, target market, and regulatory environment to Reliance.
• Meghna Insurance Company: Bangladesh non-life insurer offering fire, marine, motor, and engineering coverages. Comparable in product mix, customer base, and distribution approach to Reliance.
• Phoenix Insurance Company: Bangladesh private non-life insurer with similar product mix and corporate client focus. Competes with Reliance for fire, marine, motor, and miscellaneous lines in the local market.
• Paramount Insurance Company: Bangladesh private non-life insurer offering standard general insurance lines. Competes with Reliance in fire, motor, marine, and miscellaneous segments within the local market.

Broad incumbents

• Sadharan Bima Corporation: State-owned national non-life insurer and mandatory reinsurer under Insurance Act 2010. Competitor for direct non-life business and counterparty for Reliance's mandatory 50% reinsurance cession; operates broadly across all non-life lines.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/reliance-insurance-limited

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles31 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Reliance Insurance Bangladesh