REINSURENCE SERVICES

After establishment of private Insurance Companies in the year 1985 in Bangladesh, Government authorized SBC to accept 100% reinsurance of private insurance company’s. SBC in its role as a re-insurer has lent support to the private insurance companies in Bangladesh in a big way. In view of the huge net-worth and retention capacity, SBC has accepted both treaty and facultative businesses from the private insurance companies.

In respect of reinsurance, the Insurance Corporation (Amendment) Act 1990 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 SBC or with any other insurer in Bangladesh or abroad. SBC is doing direct insurance as well as private insurance company’s reinsurance.

SBC is the largest General Insurance Corporation in Bangladesh doing direct Business to the tune of BDT 886 million in the year 2005. During the same period its reinsurance premium income was BDT 2627 million.

SBC is a shareholder of Asian Reinsurance Corporation. SBC’s major portfolio comprises of fire, marine cargo, aviation and engineering business.

SBC also accepts reinsurance business from overseas market through its intermediaries and as well as directly.

The sound financial backing and rich experience earned over the years in the field of insurance, reinsurance and financial services (which includes investment, risk improvement services etc), brings SBC in an ideal position of a professional reinsurer in Bangladesh.

At the present growing economy in Bangladesh the premium income of SBC is also increasing day by day.