Karnaphuli Insurance

What Karnaphuli Insurance does

Karnaphuli Insurance Company Limited is a Bangladesh-domiciled public limited general insurer, founded on 23 November 1986 and listed on the Dhaka Stock Exchange under A-category under the ticker dse:KARNAPHULI. Headquartered at Motijheel, Dhaka, the company employs between 251 and 500 staff and serves corporate and retail policyholders through a four-zone branch network (Dhaka, Chattogram, South Bengal, North Bengal) spanning 30+ branches nationwide, supplemented by an agency channel and direct corporate sales.

The product portfolio comprises nine core general insurance lines: Fire, Motor, Marine (cargo and hull), Personal Accident (including the women-focused "Nibedita" scheme), Travel, Hull, Money (CIT/CIS/COC), Property Damage, and Industrial All Risk. Industrial All Risk is positioned with Lloyd's market backing for large risks. Pricing is quote-based and not publicly disclosed. The technology stack is conventional; a corporate website (kiclbd.com), downloadable claim forms, and an IDRA-mandated 16130 complaint hotline constitute the digital interface. Two technology partnerships — Autonemo (vehicle tracking) and Zantrik (digital driver services) — attach IoT/digital-driver add-ons to the Motor Insurance product.

Karnaphuli generates revenue through upfront premium collection on its general insurance products, with claims paid out as losses occur; the FY2024 Gross Premium Income was 666.44 Million BDT, Total Assets 195.60 Million BDT, and Total Claims 126.90 Million BDT. Enterprise customers span banking (AB Bank, Premier Bank, AIBL/Al Baraka Bank), pharmaceuticals (Aramit/Aristopharma/Incepta/PHP/Tusuka/Utah), NGO/healthcare (BRAC, MAA O Shishu Hospital) and electronics (Ecel Tecno, Bexi). The promoter group also controls sister concern Meghna Life Insurance and Meghna Life Securities & Investment, enabling limited cross-product distribution.

Name

Karnaphuli Insurance

Legal name

Karnaphuli Insurance Company Limited

Website

https://kiclbd.com

Company type

Public

Founded year

1986

Operating status

Operating

Headcount range

251–500 employees

Short description

Karnaphuli Insurance is a Bangladesh-domiciled public general insurer, founded 1986 and listed on the Dhaka Stock Exchange, offering nine product lines (fire, motor, marine, personal accident, travel, hull, money, property damage, industrial all risk) to corporate and retail customers via a 30-plus-branch, four-zone nationwide network.

Ownership category

akta.pro rank

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices29 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Insurance Premiums: The company generates revenue through collecting premiums from various general insurance products including fire, motor, marine, personal accident, travel, hull, money, property damage, and industrial all risk insurance. Premiums are collected upfront with claims paid out upon occurrence of insured events.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Karnaphuli Insurance Company Limited is a Bangladesh-based general insurance provider offering nine core products: Fire Insurance, Motor Insurance, Marine Insurance (including Hull and Cargo), Personal Accident Insurance (with the Nibedita scheme for women), Travel Insurance, Money Insurance (CIT, CIS, COC), Property Damage Insurance, and Industrial All Risk Insurance. Policies are sold to both corporate clients (banks, pharma, manufacturers, shipping companies) and individual consumers, distributed through a 30+ branch network organized across four zones with agent and direct sales support.

Product overview

Karnaphuli Insurance Company Limited operates as a general insurance company offering a portfolio of nine core insurance products covering property, casualty, marine, and specialty lines. The product portfolio includes Fire Insurance, Motor Insurance, Marine Insurance (encompassing Hull and Cargo coverage), Personal Accident Insurance (with specialized Nibedita scheme for women), Travel Insurance (offering multiple plan types including Business & Holidays, Corporate Frequent Travel, Employment & Studies, and Probashi), Money Insurance (CIT, CIS, COC coverage), Property Damage Insurance, and Industrial All Risk insurance. The company provides both standard coverage options and extendable policies allowing customers to add additional perils for comprehensive protection.

Differentiator

Problem solved

Functional benefit

Brands

• Nibedita: Comprehensive insurance scheme for women providing economic security irrespective of income, occupation or vocation
• People's Personal Accident

Products and services

• Fire Insurance Comprehensive fire insurance covering fire, lightning, domestic explosion, and damage from smoke, scorching, falling walls and water used for extinguishing. Coverage can be extended to include riot, strike, terrorism, storm, flood, subsidence, landslide, aircraft damage, and bursting or overflowing of tanks. Used by commercial property, warehouse, factory and industrial facility owners.
• Motor Insurance Vehicle insurance covering cars, motorbikes and heavy motor vehicles. Includes coverage for own damages, fire, explosion, burglary, riot, strike, malicious act, earthquake, cyclone, flood, hurricane, storm and third party liability, with No Claim Bonus for claim-free years. Targeted at individual drivers and corporate vehicle owners/fleets.
• Marine Insurance Insurance covering goods in transit by rail, road, sea and air. Offered as Time Policy, Voyage Policy and Mixed Policy. Provides coverage under Institute Cargo Clauses (C), (B) and (A) against risks including fire, vessel stranding, collision and all-risk perils. Designed for importers, exporters, logistics companies and traders moving domestic and international cargo.
• Personal Accident Insurance Insurance providing fixed compensation for death or disablement from accidental bodily injury, available as Table A (death and temporary/total disablement), Table B (death and partial disablement) and Table C (death only). Includes the specialized Nibedita scheme providing economic security for women irrespective of income, occupation or vocation. Suited to working professionals, travelers and groups.
• Travel Insurance Travel insurance covering business, holidays, corporate frequent travel, employment, studies and Probashi (expatriate) travel. Includes trip cancellation, robbery, baggage loss, flight delays and medical expense coverage, with plans available with and without USA & Canada coverage. Targeted at individual travelers, corporate travel programs, students and Bangladeshi expatriates.
• Hull Insurance Marine hull insurance covering vessels and watercraft, operated under the Marine Insurance Act 1906 as part of the marine insurance portfolio. Targeted at shipping companies, vessel owners and maritime operators.
• Money Insurance Insurance covering money risks including Cash in Transit (CIT) Insurance, Cash in Safe (CIS) Insurance, and Cash on Counter (COC) Insurance. Targeted at banks, financial institutions and businesses handling physical cash.
• Property Damage Insurance Insurance covering property damage risks together with assistance for required information for fire, marine, motor and miscellaneous insurance coverage, plus claim-related support. Targeted at property owners seeking damage coverage and claim advisory services.
• Industrial All Risk Comprehensive industrial insurance covering multiple risks for businesses, positioned as part of KICL's leading marine insurance offering in Bangladesh with Lloyd's market backing. Targeted at industrial facilities and businesses needing bundled multi-peril coverage.

Named customers16 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered industry body, training institution, regulatory, market, core, related and charitable.

• Bangladesh Insurance Association (BIA)industry bodyOthersMember of Bangladesh Insurance Association, the industry's representative body that works with regulatory authorities on insurance sector development, standards and policy advocacy.
• Bangladesh Insurance Academytraining institutionOthersMember of Bangladesh Insurance Academy's Board of Governors, contributing to industry professional development and training standards for insurance professionals.
• Bangladesh BankregulatoryOthersCentral bank of Bangladesh - regulatory oversight for the financial sector including insurance companies.
• Insurance Development & Regulatory Authority (IDRA)regulatoryOthersPrimary regulatory body for insurance sector in Bangladesh that licenses and oversees insurance operations.
• Dhaka Stock Exchange Ltd.marketOthersListed company on Dhaka Stock Exchange under A category - shares are publicly traded.
• Chittagong Stock Exchange PLC.marketOthersSecondary stock exchange in Bangladesh where company shares may also be traded.
• Meghna Life Insurance PLCcoreStrategic or Co-development PartnerSister concern within the same promoter group. The Chairman of Karnaphuli Insurance also serves as Chairman of Meghna Life Insurance. Vice Chairman also holds position in Meghna Life Insurance. Both companies share corporate leadership and are part of the same business group.
• Meghna Life Securities & InvestmentrelatedStrategic or Co-development PartnerRelated group company under the same promoter family. Chairman of Karnaphuli Insurance serves as Chairman of Meghna Life Securities & Investment.
• Nizam Hasina FoundationcharitableOthersCharitable foundation established by company leadership. Vice Chairman serves as Director at Nizam Hasina Foundation and Nizam Hasina Foundation Hospital.

Scale indicators13 records

Recent moves11 records

Expansion highlights4 records

Others

• Meghna Life Insurance PLC: Bangladesh-based life insurer operating under the same promoter group as Karnaphuli, with shared Chairman and Vice Chairman. Not a direct competitor (life vs. non-life) but a closely related group entity for benchmarking group-level financials.

Direct peers

• Green Delta Insurance Company Limited: One of Bangladesh's largest private-sector non-life insurers, offering fire, marine, motor, and miscellaneous general insurance lines. Directly comparable product mix, distribution model, and target customers as Karnaphuli Insurance.
• Nitol Insurance Company Limited: Bangladesh-listed non-life insurer providing fire, marine cargo, motor, and engineering insurance. Comparable scale, product breadth, and listed-company structure to Karnaphuli.
• Pioneer Insurance Company Limited: Bangladesh-based general insurance company offering fire, marine cargo, motor, and personal accident coverage. Closely comparable product portfolio and corporate-customer orientation to Karnaphuli.
• Islami Insurance Bangladesh Limited: Bangladesh-based general insurer offering Shariah-compliant fire, marine, motor, and miscellaneous coverage. Comparable corporate and retail customer base with a distinct Islamic-finance angle.
• Reliance Insurance Limited: Bangladesh-listed general insurer providing fire, marine, motor, and engineering insurance products. Directly comparable in scale, product breadth, and publicly listed status on DSE.
• Asia Pacific General Insurance Company Limited: Bangladesh-licensed general insurer providing fire, marine, motor, and engineering insurance products. Similar scale and product breadth, competing directly for corporate policyholders.
• Eastern Insurance Company Limited: Bangladesh-based non-life insurance carrier offering fire, marine, motor, and miscellaneous lines to corporate and retail clients. Comparable product set and Bangladeshi listed-company profile.
• United Insurance Company Limited: Bangladeshi general insurance company with a similar multi-line product offering covering fire, marine cargo, motor, and personal accident. Overlapping customer segments and DSE-listed status.

Broad incumbents

• Sadharan Bima Corporation: State-owned general insurance corporation of Bangladesh and the largest domestic non-life insurer. Provides a comparable product portfolio but at much greater scale and with government backing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 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 Karnaphuli Insurance