Prime Insurance Company Ltd is a second-generation private Non-life Insurance Company in Bangladesh, established in 1996 under the purview of Companies Act 1994 and listed with Dhaka Stock Exchange Ltd. in 2001. The Company is one of the leading Non-life Insurance companies in the Country with specialized and significant expertise both in the form of traditional and non-traditional insurance business. Prime Insurance Company Ltd always works hard for the clients to deliver innovative products and services while maintaining a commitment to safety, security, and sustainability.
Board and its Sub-Committees
The Company has a competent and reputed Board of Directors including Independent Directors. Almost all of them are elite business personalities of Bangladesh. Board members of the Company always support and encourage the Management to comply with the rules and regulations of the land.
Mr. Md. Nazrul Islam, Chairperson, is a veteran business personality. The Board has delegated authority to 3 sub-committees namely the Executive Committee (EC), Audit Committee (AC), and Nomination & Remuneration Committee (NRC). The AC and NRC are headed by Independent Director. The Board has delegated sufficient power to the management of the Company for the accomplishment of the day-to-day business.
Chief Executive Officer (CEO)
Mr. Abdul Hamid FCA joined Prime Insurance Company Limited (PICL) on June 1, 2022, as Chief Executive Officer. Before joining Prime Insurance Company Limited, he served as the Additional Managing Director at Eastland Insurance Company Limited and Meghna Insurance Company Limited. He also served in Eastern Insurance Co. Ltd, Asia Insurance Co. Ltd, Northern Islami Insurance Ltd, and Meghna Petroleum Limited, holding different vital positions at the senior management level for the last twenty-six years. Mr. Hamid obtained his Master’s with Honors in Accounting from the University of Dhaka. Mr. Hamid is a fellow Chartered Accountant and a fellow member of the Institute of Chartered Accountants of Bangladesh (ICAB), and a fellow member of the Institute of Internal Auditors of Bangladesh & USA.
Head of Departments
Prime Insurance Company Ltd has appointed experienced and qualified professional persons as Heads of the Departments.
Certification & Credit Ratings
Prime Insurance Company Ltd is the first Non-life Insurance Company in Bangladesh to achieve the ISO 9001:2008 certifications in 2012 and subsequently ISO 9001:2015 certifications in 2018 which indicates its high claims paying ability, good protection ability, and expectation of variability in risk over time due to economic and or underwriting conditions. The Company has also been rated AA- (Double A Minus) by the Credit Rating Information & Services Limited (CRISL).
Awards & Acknowledgment
Prime Insurance Company Ltd.’s improvement has been very much reflected on the receipt of the WINNER AWARD by the highest valued professional recognition, the South Asian Federation of Accountants (SAFA), for the Annual Reports of successive 2016, 2017, 2018 and 2019 among the SAARC countries. Prime Insurance Company Ltd grabbed the first position and second position by the ICAB BPA National Award in 2016, 2017, 2018 and 2019 respectively and also won the SILVER Award at the ICSB National Award 2016 & 2017 and BRONZE Award 2019 from the same for Corporate Governance Excellence.
Prime Insurance Company Limited is authorized to transact all classes of general insurance business. The Company offers all conventional general insurance products along with innovative products in the field of Fire Insurance, Marine Insurance, Motor Insurance, Engineering Insurance, Cash In Transit Insurance, Bank Lockers Insurance, Fidelity Guarantee Insurance, Bankers’ Blanket Bond Insurance, Money Insurance including Cyber Crime Insurance, Hajj & Umrah Insurance, Contractors’ All Risks Insurance (CAR), Erection All Risks Insurance (EAR), Health Insurance, Shipbuilders Liability Coverage Insurance, Power Plant and Miscellaneous Insurance, etc.
Prime Insurance Company Ltd diversified its business with the number of products together with an expanding and well-organized network of 18 branches with a presence in major divisional areas of the country. Furthermore, the Company is a pioneer in implementing automation and online business support for its clients. With a view to ensuring prompt services, all its businesses are operated through an automated system.
With a view to coping with changing market demand, Prime Insurance Company Ltd is on the trendy pathway of innovation practicing the modernized way for it. Accordingly, it has unveiled four exclusive products: (i) Hajj & Umrah Insurance, which is the first of its kind in Bangladesh, and also (ii) Health insurance product ‘Prime Health Plan’ in the non-life insurance category which is hospitalization coverage with wider treatment facilities at home and abroad and fully supported by the overseas reinsurers. Moreover, for providing financial security to the Banks, the Company has launched (iii) Bankers Blanket Bond (BBB) with wider coverage but fewer premium which works as a safeguard for the Banks to face any financial loss and (iv) Ship builder’s liability coverage.
Reinsurance Arrangements and Strategy
Prime Insurance Company Ltd sincerely and effectively deals with reinsurance matters making every insured protected. Prime Insurance Company Ltd has its re-insurance support from the first line overseas re-insurers. Fifty percent re-insurable non-life insurance business of the Company is placed with Sadharan Bima Corporation (SBC) and the remaining fifty percent is placed with the overseas re-insurers. Prime’s overseas lead treaty re-insurer is Trust Re, Bahrain, and follow liners are GIC Re India. Other than the treaty partners, many more reputed reinsurers such as Swiss RE, XL Group plc, Ping an Insurance, ICICI Lombard India, Hannover Re, Marsh India, Korean Re, and Sart Re are also working with Prime Insurance Company Ltd.
Settlement of Claims
As Prime Insurance Company Limited deployed proper reinsurance protection for all re-insurable policies, so claim settlement cannot come as a big issue to the Company. Prime Insurance Company Ltd with its experienced claims settlement personnel handles all the claims with due care and advise the claimants with professional support to settle the claims within 7 days to 30 days.
Website and IT Facilities
Prime Insurance Company Ltd is managing efficiently automated IT enabled website. The website is very satisfying to the stakeholders. Investor can get all updated financial information from the Company website. Insured’s can get information related to products, services, insight of the policy and claim settlement procedures. They can also get required information regarding the Citizen Charter as a part of the National Integrity Strategy (NIS) of the Government. The website also includes e-tender, advertisements and other online facilities including obtaining free consultation regarding any insurance matters.
Prime Insurance Company Ltd operates a diverse range of CSR activities on different social issues, various risks, and safety-security matters through training, seminars, workshops, rallies, and publications (Fire Guide Book, Traffic Guide Book, Health Guide Book, Hajj & Umrah Guidebook, etc.) and also conducts free consultation services on insurance. The Company continues to extend its hands toward underprivileged people and meritorious students providing them with financial support. Prime Insurance Company Ltd started tree plantations to protect the environment since long. The Company distributes indoor plants to respected clients to encourage them towards enhancing a sustainable environment by beautifying the surroundings.
Prime Insurance Company Ltd believes in transparency, ethics and accordingly doesn’t move towards any unhealthy practice including credit business and premium under-cut prevailing in the industry and as a result, the gross premium income is much lower than the 1st generation companies but it can earn significant amount of underwriting profit compared to other insurance companies unless there is abnormal downturn in the investment income and huge claims that affect the overall profit of the company.