BGIC

Name

BGIC

Legal name

Bangladesh General Insurance Company PLC.

Website

https://bgicinsure.com

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Trust, Fiduciary, and Custody Activities (523991)

SIC

Fire, Marine & Casualty Insurance (6331), Accident & Health Insurance (6321)

akta.pro primary industry

Commercial General Liability (CGL) (FSAJADAA)

akta.pro secondary industries

Fiduciary Agency & Trustee-for-Hire Services (FSAAANAL), Travel & Accident (Non-Life) Insurance (FSAJAMAN)

Keywords

• Non-life insurance
• General insurance products
• Motor insurance coverage
• Marine cargo insurance
• Trustee services

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Premiums: BGIC generates revenue through insurance premiums from non-life insurance products including fire, marine, motor, health, personal accident, burglary, and all-risk insurance for both individuals and corporate clients.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

BGIC (Bangladesh General Insurance Company PLC) is a non-life insurance company offering a full range of general insurance products to both individuals and corporate clients. Its portfolio spans Fire & Allied Perils, Marine (Cargo and Hull), Motor (Private and Commercial), Engineering (Contractors All Risks, Erection All Risks, Machinery Breakdown), Liability (Public, Product, Professional, Workmen's Compensation), Health/Personal Accident, Aviation Hull, Burglary, and various Miscellaneous covers. The company also provides Trustee services for listed mutual funds and corporate bonds.

Product overview

BGIC (Bangladesh General Insurance Company PLC) is a non-life insurance company offering a comprehensive portfolio of insurance products and services. The company operates as a single unified insurance platform providing multiple product lines including Motor Insurance (Private Vehicles, Commercial Vehicle, Third Party Liability), Property Insurance (Fire & Allied Perils, Industrial All Risks, Loss of Profits, Burglary), Marine Insurance (Marine Cargo, Marine Hull), Engineering Insurance (Contractors All Risks, Erection All Risks, Machinery Breakdown, Boiler & Pressure Vessels), Liability Insurance (Public Liability, Product Liability, Professional Liability, Workmen's Compensation), Miscellaneous Insurance (Cash Insurance, Fidelity Guarantee, Aviation Hull), and Health Insurance (Mass Health, Personal Accidents, Overseas Mediclaim). Additionally, BGIC provides Trustee Services for Mutual Funds and Bonds. The company is the first private sector general insurance company in Bangladesh, established in 1985, and operates under the Insurance Act 2010.

Differentiator

Problem solved

Functional benefit

Products and services

• Private Vehicles Insurance Insurance coverage for private vehicles including private cars and individual owner vehicles, targeting individual consumers.
• Commercial Vehicle Insurance Insurance coverage for commercial vehicles including trucks, buses, and other business-use vehicles, targeting corporate and commercial clients.
• Third Party Liability (Act Liability) Insurance Mandatory third-party liability insurance coverage as required by law for vehicle owners.
• Fire & Allied Perils Insurance Insurance coverage for fire damage and allied perils including lightning, explosion, and storm damage to property.
• Industrial All Risks (IAR) Insurance Comprehensive insurance coverage for industrial risks including property damage and business interruption for industrial clients.
• Marine Cargo Insurance Insurance coverage for goods in transit via sea, air, or land transportation.
• Marine Hull Insurance Insurance coverage for vessels and watercraft hulls against maritime risks.
• Contractors All Risks (CAR) Insurance Insurance coverage for construction projects covering damage to works, materials, and third-party liability.
• Erection All Risks (EAR) Insurance Insurance coverage for erection and installation projects of machinery and equipment.
• Machinery Breakdown (MBD) Insurance Insurance coverage for sudden and accidental breakdown of machinery and equipment.
• Public Liability Insurance Insurance coverage for third-party bodily injury and property damage liability arising from business operations.
• Product Liability Insurance Insurance coverage for liability arising from products manufactured, sold, or distributed.
• Professional Liability Insurance Insurance coverage for professional negligence and errors and omissions liability.
• Workmen's Compensation Insurance Insurance coverage for employee workplace injuries and occupational diseases as required by law.
• Burglary and House Breaking Insurance Insurance coverage for losses due to burglary, theft, and housebreaking.
• Cash In Safe Insurance Insurance coverage for cash and valuables stored in safe against theft and damage.
• Cash In Transit Insurance Insurance coverage for cash and valuables while being transported between locations.
• Aviation Hull Insurance Insurance coverage for aircraft hulls against damage and loss during flight operations.
• Home & Householder's Insurance Insurance coverage for residential properties and household contents against various risks, targeting individual consumers.
• Personal Accidents Insurance Insurance coverage providing compensation for accidental death, disability, and medical expenses for individuals.
• Overseas Mediclaim Policy Health insurance coverage for individuals traveling abroad for work, study, or tourism.
• Mass Health Insurance Group health insurance coverage for employees of organizations and corporate clients.
• Fidelity Guarantee Insurance Insurance coverage against losses caused by employee fraud, embezzlement, or dishonesty.
• Boiler and Pressure Vessels Insurance Insurance coverage for boilers and pressure vessels against explosions and accidents.
• Trustee Services for Mutual Funds Acting as trustee for mutual funds listed on Dhaka and Chittagong Stock Exchanges, providing oversight and investor protection services.
• Trustee Services for Bonds Acting as trustee for various bonds including subordinated bonds, zero coupon bonds, sukuk, and convertible bonds issued by banks and corporate organizations.

Named customers13 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• DBH First Mutual FundcoreOthers · 1 January 2000BGIC acts as Trustee for DBH First Mutual Fund. BGIC provides trustee services to listed and non-listed mutual funds, serving as guardian of the fund and ensuring investor interests are protected.
• Green Delta Mutual FundcoreOthersBGIC acts as Trustee for Green Delta Mutual Fund. BGIC pioneered trustee services in Bangladesh's private insurance sector since 2000.
• MBL 1st Mutual FundcoreOthersBGIC acts as Trustee for MBL 1st Mutual Fund under its comprehensive trustee services operation.
• Alif Industries LimitedminorOthersBGIC acts as Trustee for Alif Industries Limited Convertible Bond of BDT 300 Crore. BGIC diversified into trustee services for various bonds including Subordinated, Zero Coupon, Sukok, and Convertible Bonds.
• Asian Tiger Sandhani Life Growth FundcoreOthersBGIC acts as Trustee for Asian Tiger Sandhani Life Growth Fund. BGIC provides trustee services to mutual funds and unitholders ensuring superior service standards.
• National Reinsurer (Bangladesh)coreTechnology or IntegrationBGIC uses capacity of national reinsurer and has established relationships with best reinsurers across the world for reinsurance banking.

Scale indicators3 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Paramount Insurance Company Limited: Bangladesh-based general insurance company serving both corporate and individual customers with property, marine and motor lines. Comparable to BGIC across product, channel and customer type.
• Pragati Insurance Limited: Bangladesh non-life insurance carrier with similar multi-line portfolio (fire, marine, motor, engineering) and listed status. Direct peer given shared geography and overlapping product suite.
• Reliance Insurance Limited: Bangladesh-listed non-life insurance company offering motor, fire, marine and miscellaneous cover. Directly comparable to BGIC as a domestic general insurer competing for the same corporate and individual policyholders in Bangladesh.
• Pioneer Insurance Company Limited: Bangladesh-based general insurance carrier underwriting property, marine, motor and engineering lines. Closely comparable to BGIC on product mix, channel structure, and target corporate/individual segments.
• Green Delta Insurance Company Limited: One of the largest private non-life insurers in Bangladesh with broad corporate and retail offerings. Direct competitor to BGIC in the same multi-line general insurance market with similar banking-distribution relationships.
• Asia Pacific General Insurance Company Limited: Bangladesh-domiciled general insurer offering motor, fire, marine cargo and engineering coverage. Direct competitor to BGIC in both retail and commercial non-life lines within Bangladesh.
• Northern General Insurance Company Limited: Listed Bangladesh general insurer focused on property, motor, marine and miscellaneous lines. Comparable on product breadth, regulatory regime, and target customer base to BGIC.
• Eastland Insurance Company Limited: Bangladesh general insurance carrier operating across motor, fire, marine and miscellaneous lines. Closely comparable to BGIC in product mix and distribution through Bangladesh branches.
• Karnaphuli Insurance Company Limited: Bangladesh non-life insurer offering motor, fire, marine cargo and engineering coverage. Direct peer competing for the same domestic underwriting pool and corporate accounts.

Broad incumbents

• Sadharan Bima Corporation: State-owned national insurance corporation of Bangladesh providing non-life coverage across the country. Comparable to BGIC as a broader incumbent in the same regulatory market, though its scale, government ownership, and product breadth exceed BGIC's.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights3 records

Customer concentration

• LinkedInlinkedin.com/company/bangladesh-general-insurance-co-ltd-

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 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 BGIC