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. Mohd. Showkot Ali, Chairman(Acting), is a veteran business personality. The Board has delegated authority to 5 sub-committees namely the Executive Committee (EC), Audit Committee (AC), Nomination & Remuneration Committee (NRC), Claims & Re-insurance Committee and Investment Committee. The Audit Committee (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 achievethe 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+ (Pronounced Double A) by the Alpha Credit Rating Limited for the year 2020 which is valid up to January 26, 2023. 

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;

• Winner of SAFA Best Presented Annual Reports Award-2016 & 2017, 2018 and 20201st Runner up & Certificate of Merit award for the year 2012, 2013, 2015 & 2019 under Insurance Category.
• 1st prize for 17th ICAB National Award for Best Presented Annual Report & 2nd prize for the same Award in the year 2018 & 2020 and 3rd prize for the same Award in the years 2016, 2014 & 2013 under the Category: Insurance Sector.
• 4th ICSB National Award for Corporate Governance Excellence, 2016.
• “ICSB National Award” Silver Award for “Corporate Governance Excellence 2013, 2014, 2016, 2017 & 2020” in the Non-Bank Financial Institution (NBFIs) and Insurance category.
• “Certificate of Merit – 2013”as the Best Corporate in General Insurance Sector from the “Institute of Cost and Management Accountants of Bangladesh (ICMAB)”.
• Emerging Asia Insurance Award for Health Insurance & Product Innovation in General Insurance by Indian Chamber of Commerce (ICC) in the year 2019 & 2018 respectively.

Products

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, Burglary Insurance, Marine Insurance, Motor Insurance, Engineering Insurance, Aviation Insurance, Ship Builders Liability Insurance, Various Types of Miscellaneous Insurance including Health Insurance.

Business Networks

Prime Insurance Company Ltd diversified its business with the number of products together with an expanding and well-organized network of 40 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 Active Re, Bahrain and follow liners are CICA Re, New India, Arab Re, Tan Re and GIC of Bhutan. Other than the treaty partners, many more reputed reinsurers such as Swiss Re, Munich Re, XL Group plc, Ping an Insurance, PICC, ICICI Lombard India, Hannover Re, Helvetia, Samsung, Chupp, Korean Re, Sart Re etc 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.

CSR Activities

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.

Conclusion

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.