Bima Corporation is only state-owned General Insurance Corporation
operating under the direct control and supervision of the Ministry
of Finance, Government of the People’s Republic of Bangladesh.
It emerged on 14th May, 1973 under the Insurance Corporation Act
(Act No. VI) of 1973 to deal with all classes of general insurance
& re-insurance business emanating in Bangladesh.
Thereafter, SBC was acting as the sole insurer
of general Insurance till 1984. In the year 1984 Bangladesh Government
allowed insurance Companies in the private sector and to that
effect promulgated the insurance Corporations (Amendment) Ordinance
Sadharan Bima Corporation has a very strong financial
base. It has a market share of over 20 % of the total premium
income of the insurance market of Bangladesh. SBC, the largest
insurance enterprise in the country, has a networth of Tk.605
crore an authorized capital of Tk.20 crore, paid up capital of
Tk. 10 crore and the anticipated revenue during the current financial
year is approximately Tk. 417 crore.
Following characteristics of SBC proves its financial
soundness :- Government owned enterprise - Financial Soundness
due to huge assets owned by SBC - Only re-insurer in Bangladesh
- Wide net-work of offices - Public trust - Huge trained &
skilled manpower - Large investable fund - Huge Real Estate Assets
in Dhaka, Chittagong, Khulna, Rajshahi, Bogra & Sylhet. SBC
TOWER – the only multistoried car parking building in the
heart of the capital city of Bangladesh
SBC is the sponsor shareholder of Investment
Corporation of Bangladesh, Industrial Development and Leasing
Company, National Tea Company Limited, National Housing Finance
and Investment Ltd, Aramit Ltd, Central Depository BD Ltd.etc.
SBC has met all prudential norms in further its
financial strength. Not only that, Sadharan Bima Corporation has
emerged as one of the country’s few largest taxpayers in
the corporate sector.
SBC is entitled to 50% of public sector business
in Bangladesh. Insurance Corporation (Amendment) Act 1990 provides
that fifty percent of all insurance business relating to any public
property or to any risk or liability appertaining to any public
property shall be placed with the SBC and the remaining fifty
percent of such business may be placed with this Corporation or
with any other insurers in Bangladesh. But for practical reason
and in agreement with the Insurance Association of Bangladesh
SBC underwrites all the public sector business and 50% of that
business is distributed among the existing 43 private general
insurance companies equally under National Co-insurance Scheme.
In respect of reinsurance, the same act provides
that fifty percent of a company’s reinsurance business must
be placed with the SBC and remaining fifty percent may be reinsured
either with this Corporation or with any insurer in Bangladesh
The main pillar of the SBC is insurance as well
as reinsurance business. SBC is the largest non-life insurance
underwriter in Bangladesh in terms of gross premium, network of
offices & trained manpower. On the other hand, SBC reinsures
the risks of private insurance companies operating in Bangladesh.