Phoenix Insurance

What Phoenix Insurance does

Phoenix Insurance PLC (legal name: The Phoenix Insurance Company Ltd) is a Bangladesh-based general (non-life) insurance company founded on November 27, 1986 by Mr. Deen Mohammad and Maj. Gen. (Retd) Abdul Mannan Siddiqui with an initial paid-up capital of Tk 30 million. The company has been listed on the Dhaka Stock Exchange since December 4, 1994, and is registered with the Insurance Development and Regulatory Authority (IDRA) under the Insurance Act 1938. It operates 31 branch offices across Bangladesh covering all major divisions, with headquarters at Phoenix Tower (Level-5), 407, Tejgaon Industrial Area, Dhaka-1208. Phoenix is one of the first-generation general insurance companies in Bangladesh and has operated continuously for 38+ years under family-controlled governance (current Chairman Mohammed Shoeb, son of founder Deen Mohammad, has held the role since 2006).

The company underwrites 11 core insurance product lines: Marine Insurance (cargo and hull), Motor Insurance (private car, commercial vehicle, motorcycle — comprehensive and third-party), Engineering Insurance (Contractors All Risks, Machinery Breakdown, Electronic Equipment, etc.), Fire Insurance, Riot & Strike Damage Insurance, Flood Insurance, Cyclone Insurance, Earthquake Insurance, Miscellaneous Insurance (fidelity guarantee, cash in transit, public liability, personal accident), Overseas Mediclaims (Business & Holiday up to 180 days, Employment & Studies up to 12 months, up to US$100,000 coverage), and Cattle Insurance. Most distinctive from a technology standpoint is the cattle insurance product, delivered through the shurjoMukhi praniSheba digital platform developed in partnership with shurjoMukhi Limited — an IoT- and RFID-based livestock tracking system deployed in rural Bangladesh that pairs cattle insurance coverage with herd management, genetic record keeping, and dairy management data capture. The company also operates a Premium Calculator tool, an online Insurance Payment portal, downloadable proposal forms, and claim status tracking as self-service digital channels.

Phoenix's revenue model is fundamentally recurring premium subscription across its 11 product lines. Pricing varies materially by line, coverage limit, and risk profile — overseas mediclaims premiums range from BDT 1,115 to BDT 275,662 depending on age, destination, and tier; cattle insurance is priced at 2.5% (death), 2% (theft), and 1% (permanent disability) of total cattle value annually; motor insurance offers documented No Claim Bonus tiers. The go-to-market combines enterprise field sales through 31 branch offices serving corporate, SME, and institutional buyers with direct-to-consumer online tools for individual retail policies. Customer base spans large Bangladesh conglomerates (BSRM, Renata, Summit, Partex, United Group, Orion), financial institutions (Dutch Bangla Bank), industrial manufacturers, NGOs (Brac), and individual retail policyholders. Phoenix also maintains a minority-held subsidiary, Phoenix Securities Limited, in the securities and investments business.

Name

Phoenix Insurance

Legal name

The Phoenix Insurance Company Ltd

Website

https://phoenixinsurance.com.bd

Company type

Public

Founded year

1986

Operating status

Operating

Headcount range

51–100 employees

Short description

Phoenix Insurance PLC is a Bangladesh-based first-generation general insurance company founded in 1986 and listed on the Dhaka Stock Exchange since 1994. It underwrites 11 non-life insurance lines for corporate, SME, and individual customers through 31 branches nationwide.

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Direct Health and Medical Insurance Carriers (524114)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Travel & Accident (Non-Life) Insurance (FSAJAMAN)

akta.pro secondary industry

Personal Accident Insurance (Injury, Disability & Income Benefit) (FSAJAJAD)

Keywords

• General insurance
• Marine cargo insurance
• Motor insurance
• Property insurance
• Cattle 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, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Insurance Premiums: Phoenix Insurance generates revenue through collection of insurance premiums from various policy types including marine, motor, fire, engineering, riot/strike damage, flood, cyclone, earthquake, miscellaneous, overseas mediclaims, and cattle insurance. Premiums are collected annually or per policy period.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Phoenix Insurance PLC is a Bangladesh-based general insurance company offering 11 core non-life insurance products: Marine (cargo and hull), Motor, Engineering, Fire, Riot & Strike Damage, Flood, Cyclone, Earthquake, Miscellaneous, Overseas Mediclaims, and Cattle Insurance. The company distributes policies through a 31-branch nationwide network and digital self-service tools, serving both individual consumers and corporate clients across industries including manufacturing, import/export, conglomerates, financial services, and livestock farming.

Product overview

Phoenix Insurance PLC operates as a general insurance company in Bangladesh offering a comprehensive portfolio of 11 core insurance products: Marine Insurance (cargo and hull), Motor Insurance, Engineering Insurance, Fire Insurance, Riot & Strike Damage Insurance, Flood Insurance, Cyclone Insurance, Earthquake Insurance, Miscellaneous Insurance, Overseas Mediclaim Insurance, and Cattle Insurance. The company utilizes digital tools including a Premium Calculator and Insurance Payment portal. Cattle Insurance is delivered through the shurjoMukhi praniSheba digital platform which leverages IoT and RFID technology for livestock tracking and management. The product portfolio covers both individual and commercial insurance needs across Bangladesh.

Differentiator

Problem solved

Functional benefit

Products and services

• Marine Insurance
• Motor Insurance Covers private car, commercial vehicle, and motorcycle categories with both comprehensive and Act Liability (Third Party) policy options. Includes coverage for fire, theft, riot, earthquake, flood, and accidental damage, with No Claim Bonus discounts. Target customers include individual vehicle owners and commercial fleet operators.
• Engineering Insurance Includes Contractors All Risks Insurance, Erection All Risks, Machinery Breakdown Insurance, Contractor's Plant and Machinery Insurance, Electronic Equipment Insurance, Deterioration of Stock Insurance, and Boiler and Pressure Vessel Insurance. Target customers include construction firms, manufacturing plants, and industrial operators.
• Fire Insurance Covers all risks against fire incidents, allied perils, and consequential loss. Policy may extend to cover riot and strike damages, malicious acts, and atmospheric damage including cyclone, flood, and earthquake fire. Target customers include industrial facilities, commercial buildings, and property owners.
• Riot & Strike Damage Insurance Coverage for damage to property resulting from riot and strike damage, defined as violent disturbance involving three or more persons. Target customers include commercial property owners and businesses exposed to civil unrest risk.
• Flood Insurance
• Cyclone Insurance Coverage for damages from cyclone including residential building coverage and contents coverage. Target customers include residential property owners in cyclone-prone regions of Bangladesh.
• Earthquake Insurance Earthquake coverage that can be purchased as an add-on to the standard fire policy, covering direct damage resulting from earthquake. Target customers include property owners and industrial facilities seeking catastrophe protection.
• Miscellaneous Insurance Includes Fidelity guarantee, Cash in transit, Cash on Counter/in Safe, Third Party Liability (Public Liability), Pedal Cycle, Personal Accident, Peoples Personal Accident, Workmen's compensation, Personal Air Travels, plate glass, cell phones, and neon sign coverage. Target customers include financial institutions, retail businesses, and individual consumers.
• Overseas Mediclaim Insurance Medical coverage for Bangladeshi nationals visiting abroad for business, holiday, tours, studies, or employment. Offers Business & Holiday plans (up to 180 days) and Employment & Studies plans (up to 12 months) with coverage limits up to US$100,000. Target customers include Bangladeshi travelers, students, and migrant workers.
• Cattle Insurance Livestock insurance covering death, theft/missing, and permanent disability of cattle, implemented through the shurjoMukhi praniSheba digital platform using IoT and RFID technology. Premium rates of 2.5% (death), 2% (theft), and 1% (permanent disability) annually on total cattle value. Target customers include marginal, small, and medium livestock farmers in rural Bangladesh.

Quantifiable outcome

• 538+ claims fulfilled indicator on company website
• +2 more outcomes

Named customers17 records

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• shurjoMukhi LimitedcoreStrategic or Co-development PartnerPartnership with shurjoMukhi Limited (an ICT Farm) for the development of Cattle Insurance Market by Radio Frequency Identification (RFID) Tracking in Bangladesh. The collaboration created the digital platform named shurjoMukhi praniSheba using IoT (Internet of Things) and RFID technology in rural areas of the country. The platform aims to improve record keeping on cow species, genetic development, information conservation, reproduction, dairy management, and provision of primary treatment while providing cattle insurance coverage to safeguard cattle farmers.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Allianz SE: Global insurance giant with a broad P&C and specialty portfolio; relevant as a benchmark for multinational insurance products and reinsurance/catastrophe practices that influence the lines Phoenix underwrites, though not directly competing in Bangladesh.

Direct peers

• Green Delta Insurance: One of the largest private non-life insurers in Bangladesh offering fire, marine, motor, and miscellaneous insurance — a directly comparable domestic competitor to Phoenix across similar product lines.
• United Insurance Company of Bangladesh: Bangladesh-listed general insurer providing fire, marine, motor, and miscellaneous coverage — directly comparable to Phoenix across core non-life product lines.
• Sadharan Bima Corporation: State-owned national insurance corporation of Bangladesh underwriting non-life lines (fire, marine, motor) directly competing with Phoenix Insurance in the same domestic market.
• Pioneer Insurance Company: Bangladesh general insurance carrier underwriting fire, marine cargo, motor, and miscellaneous risks — a direct domestic peer operating similar non-life lines to Phoenix.
• Bangladesh General Insurance Company (BGIC): Established Bangladeshi non-life insurer offering fire, marine, motor, and engineering products — a directly comparable domestic competitor in the same market.
• Reliance Insurance: Bangladesh-listed general insurer offering motor, marine, fire, and engineering insurance — a directly comparable mid-tier domestic peer to Phoenix Insurance.
• Meghna Insurance Company: Bangladeshi general insurance carrier providing fire, marine, motor, and miscellaneous coverage — a domestic peer in the same non-life segment.
• Provati Insurance Company: Bangladesh-based general insurance company offering fire, marine, motor, and engineering insurance — a domestic direct peer competing for the same customer base.
• Asia Insurance Company (Bangladesh): Bangladesh general insurer underwriting fire, marine cargo, motor, and miscellaneous risks — a direct domestic competitor in non-life lines.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/phoenix-insurance-bangladesh

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries1 record

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 Phoenix Insurance