BGIC
- Company typePublic
- Founded1984
- HeadquartersDhaka, Bangladesh
- Headcount1–10
- GTM typeB2B and B2C
- OfferingServices
BGIC firmographics
Firmographics- 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
BGIC industry classification
Industry- 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
Where BGIC is headquartered
LocationHeadquarters
- HQ city
- Dhaka
- HQ country
- Bangladesh
- HQ region
- Asia
Offices1 record
Markets served
BGIC business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure, Technology or R&D
Revenue model
- 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
BGIC product offering
Product offeringCore 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.
Companies that use BGIC
Customer profileNamed customers13 records
Segments2 records
Ideal customer profiles2 records
BGIC technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
BGIC partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- DBH First Mutual FundcoreBGIC 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 FundcoreBGIC acts as Trustee for Green Delta Mutual Fund. BGIC pioneered trustee services in Bangladesh's private insurance sector since 2000.
- MBL 1st Mutual FundcoreBGIC acts as Trustee for MBL 1st Mutual Fund under its comprehensive trustee services operation.
- Alif Industries LimitedminorBGIC 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 FundcoreBGIC 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)coreBGIC 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
BGIC competitors and assessment
Company assessmentDirect 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
BGIC social profiles
Digital presenceBGIC financial estimates
Financial estimateRevenue estimate
Valuation estimate
BGIC leadership team
Management profileNumber of profiles
Profiles6 records
BGIC funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
BGIC M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about BGIC
What does BGIC do?
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.
Is BGIC a public or private company?
BGIC is a public company. It is classified as public and is currently operating.
When was BGIC founded?
BGIC was founded in 1984. It employs 1 to 10 people.
Where is BGIC based?
BGIC is headquartered in Dhaka, Bangladesh, in the Asia region.
How does BGIC make money?
One revenue line is on record: insurance Premiums.
Who are BGIC's main competitors?
Direct peers on record are Paramount Insurance Company Limited, Pragati Insurance Limited, Reliance Insurance Limited, Pioneer Insurance Company Limited, Green Delta Insurance Company Limited, Asia Pacific General Insurance Company Limited, Northern General Insurance Company Limited, Eastland Insurance Company Limited and Karnaphuli Insurance Company Limited. Sadharan Bima Corporation is listed as a broad incumbent.
Does BGIC have an API?
No public API is recorded for BGIC.
What industry is BGIC in?
BGIC's product category is General Insurance. Its primary akta.pro industry code is FSAJADAA, Commercial General Liability (CGL), with a secondary code of FSAAANAL, Fiduciary Agency & Trustee-for-Hire Services. Its NAICS code is 52412 and its SIC code is 6331.