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Introduction to Insurance

In: Business and Management

Submitted By rehana90
Words 291
Pages 2
INSURANCE
Evolution & Development

Evolution of Insurance
 Marine Insurance  Fire Insurance  Life Insurance  Miscellaneous Insurance

Common Features of Development
1. Insurance developed basically in response to a demand created by the insuring community. 2. Industrial revolution of the 19th century.

Common Features of Development
3. In early days there were absence of reliable statistical data and theoretical soundness 4. Diversifications considering multi-various demands

Common Features of Development
5. The idea as to maintenance of reserve for withstanding catastrophe losses gradually developed. 6. The necessity of reinsurance gradually developed with the increase in insurer’s commitment on a particular risk.

Development of Insurance in Bangladesh
 Jatiya Bima Corporation  Teesta Bima Corporation  Karnaphuli Bima Corporation  Rupsha Jiban Bima Corporation  Surma Jiban Bima Corporation

Formation of Two Corporations
 Shadharan Bima Corporation  Jiban Bima Corporation

Bangladesh Insurance Academy (BIA) Objectives & Functions

Objectives of BIA
1. To promote, organize and impart professional education in insurance leading to Degrees/Diplomas/Certificates

Objectives of BIA
2. To organize, conduct and promote research on problems of insurance industry

Objectives of BIA
3. To organize and conduct inservice training for the officers and employees of JBC and SBC and also employees of the organizations dealing in insurance

Objectives of BIA
4. To facilitate, promote, encourage and foster publication of research work and literature on matters of insurance interest

Objectives of BIA
5. To establish and maintain close contact with experts and similar institutions at home and abroad,

Objectives of BIA
6. To provide coaching facilities for the standard examinations like ACII, CLU etc.

Objectives of BIA
7. To award prizes and rewards to persons who have contributed to the cause of insurance education and industry.

KEY WORDS
 Marine Insurance  Fire Insurance  Life Insurance  Industrial revolution

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