Nitol Insurance

What Nitol Insurance does

Nitol Insurance PLC is a Bangladesh-incorporated non-life insurance company, publicly listed on the Dhaka Stock Exchange and Chittagong Stock Exchange under the ticker NITOLINS. Founded in 1999 and rebranded to PLC status in November 2025 after receiving IDRA and RJSC approvals, the company offers a full spectrum of general insurance products spanning motor, fire and property, marine cargo, marine hull, engineering, agriculture (including the Livestock Insurance Policy launched in January 2024), overseas mediclaim, personal accident, and miscellaneous financial, liability, and health lines. It also offers the government-backed Bangabandhu Surokha Bima micro-insurance product at a Tk. 115 premium for Tk. 2 lakhs of coverage.

The company operates a hybrid distribution model combining a 27-branch physical network across Bangladesh with digital channels, including the onlinemotorinsurance.nitolinsurance.com motor insurance portal, a mobile app, and the Insu Knowledge insurance education platform. Its technology layer includes an AI-assisted online claim management system marketed as a speed differentiator, supported by partnerships such as the Ipay payment solutions integration. Nitol holds an AA+ credit rating and reports a strong solvency margin under IDRA oversight.

Nitol generates revenue primarily through recurring insurance premiums across its product lines, with quote-based pricing for commercial and enterprise cover and subscription pricing for retail and micro products. It serves a stated base of 194,900+ clients across enterprise customers (e.g., Incepta Pharmaceuticals, Odessa Fashions, Z.N. Shipping Lines, Index Energy) and SMB/individual consumers (e.g., Masud Shopping Store, Mayer Dua Traders, M/s Shihab Enterprise), spanning manufacturing, transportation and logistics, RMG/textile, retail, healthcare, energy, and agriculture verticals. Leadership is headed by Founder Chairman A K M Monirul Hoque (also Vice President of the Bangladesh Insurance Association) and CEO S. M. Mahbubul Karim.

Name

Nitol Insurance

Legal name

Nitol Insurance PLC

Website

https://nitolinsurance.com

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

51–100 employees

Short description

Nitol Insurance PLC is a Bangladesh-listed non-life insurer offering motor, fire, marine, engineering, agriculture, and health insurance products to enterprise, SMB, and individual consumers via 27 branches and digital channels, with an AI-assisted online claim management system.

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Insurance Carriers (5241), Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399)

akta.pro primary industry

General Liability Insurance (FSAJAMAE)

Keywords

• General insurance
• Motor insurance
• Marine insurance
• Fire insurance
• Commercial insurance

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices27 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Premiums: Nitol Insurance generates revenue through collection of insurance premiums from various insurance products including motor, fire, marine cargo, marine hull, engineering, agriculture, overseas mediclaim, and miscellaneous insurance categories.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Nitol Insurance PLC is a Bangladesh-based general insurance company that underwrites and sells motor, fire, marine cargo, marine hull, engineering, agriculture, overseas mediclaim, personal accident, and miscellaneous (financial, liability, health) insurance policies. It distributes these products through 27 branches, an online motor insurance platform, a mobile app, and an agent/broker network, and uses AI-powered online claim management for post-sale service.

Product overview

Nitol Insurance (formerly Nitol Insurance Company Limited, rebranded to Nitol Insurance PLC in November 2025) is a comprehensive insurance company in Bangladesh offering a wide range of insurance products. The company provides Motor Insurance (covering bikes and cars), Fire Insurance (Property Insurance), Marine Cargo Insurance, Marine Hull Insurance, Engineering Insurance, Agriculture Insurance, and various Miscellaneous Insurance products including Personal Accident, Health, Financial, and Liability coverage. They also offer specialized products like Overseas Mediclaim Insurance, Livestock Insurance Policy, and Bangabandhu Surokha Bima. The company operates with a strong branch network of 27 branches across Bangladesh and leverages technology including online insurance services and AI-powered claim management.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Insurance

Quantifiable outcome

• 194,900+ happy clients served
• +2 more outcomes

Named customers10 records

Segments10 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature1 record

Scale indicators4 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• ICICI Lombard General Insurance: Leading Indian private general insurer offering motor, fire, marine, engineering, and health products with significant AI-driven claims and digital distribution investments. Comparable as a multi-line non-life carrier pursuing technology-led service differentiation in an emerging Asian insurance market.
• Sadharan Bima Corporation: State-owned general insurance company in Bangladesh and the market leader by premium volume. Directly comparable as the dominant multi-line non-life insurer in the same domestic market with overlapping fire, marine, motor, and miscellaneous product offerings.

Direct peers

• Pragati Insurance Limited: Bangladesh-based general insurance company providing fire, marine, motor, and miscellaneous insurance to commercial and individual customers. Directly comparable product mix and target segments with similar DSE-listed status and national branch distribution.
• Reliance Insurance Limited: Listed Bangladeshi general insurer offering similar fire, marine cargo, marine hull, motor, and engineering insurance products. Comparable in scale, public listing, branch network, and product breadth to Nitol Insurance PLC.
• Phoenix Insurance Company Limited: Listed Bangladeshi general insurance carrier offering fire, marine cargo, marine hull, motor, and miscellaneous insurance. Directly comparable product portfolio and similar mid-sized public-listed positioning in the Bangladesh non-life market.
• Bangladesh General Insurance Company: General insurance carrier in Bangladesh offering motor, fire, marine, and engineering products to commercial and individual customers. Comparable in domestic focus, multi-line product breadth, and target verticals.
• Asia Insurance Limited: Publicly listed Bangladeshi general insurer offering motor, fire, marine cargo, marine hull, and engineering insurance. Comparable as a domestic multi-line non-life insurer competing in the same verticals (RMG, manufacturing, trade) as Nitol.
• Green Delta Insurance: One of the largest private general insurers in Bangladesh, publicly listed on DSE. Closely comparable to Nitol as a diversified multi-line non-life carrier offering motor, fire, marine, and miscellaneous insurance to similar B2B and B2C segments.
• Eastern Insurance Company Limited: DSE-listed Bangladeshi general insurer with overlapping fire, marine, motor, and miscellaneous product offerings. Comparable scale, distribution model, and target customer base including RMG, manufacturing, and individual consumers.
• Mercantile Insurance Company Limited: Bangladeshi general insurer providing similar fire, marine, motor, and miscellaneous insurance products. Comparable as a domestic non-life carrier serving manufacturing, trade, and individual segments through a multi-branch distribution network.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

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 Nitol Insurance