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Risk Management in insurance business of Bangladesh.

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In risk management , a firm tries to minimize the amount of risk and the cost of that risk.

Insurance is a written contract , taken with the insuring company , that transfers the risk of loss to the insurer according to the terms of the contract.

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Risk Management in insurance business of Bangladesh.

  1. 1. Welcome To My presentation
  2. 2. Presented By Rizwan Mahbub Khan ID: 12132101051 Intake: 30th Program: BBA Department of Marketing Bangladesh University of Business and Technology (BUBT)
  3. 3. Risk management Insurance Business
  4. 4. What is Risk Management ? In risk management , a firm tries to minimize the amount of risk and the cost of that risk.
  5. 5. Types of Risk Management  Financial Risk Management : The process of financial risk management can be defined as minimizing exposure of a firm to market risk and credit risk using various financial instruments.  Market Risk Management : Enterprises need to understand the risks present in the market , inherent to the industry or arising out of competition. Enterprise need to properly assess it and develop their capabilities .  Technology Risk Management : It is the process of managing the risks associated.
  6. 6. Types of Risk Management  Credit Risk Management : Managing credit risk is one of the fundamental work of the financial institution. Credit portfolio management is largely becoming essential for the enterprise to keep track of risk.  Commodity Risk Management :It Handles different types of commodity risks, such as price risk, political risk, quantity risk and cost risk.  Bank Risk Management : It Deals with the handling of different types of risks faced by the banks , for example, market risk, credit risk, liquidity risk, legal risk, operational risk and reputational risk.
  7. 7. Advantages of Risk Management  Risks are sorted by their financial impact, assets by their financial value.  Data accuracy improves as the organization gains experience.  Management performance can be closely watched.  Security level is better determined based on the three elements: availability, integrity and confidentiality.  This approach makes easier to understand and observe the level of risk.  The most important areas of risk are evaluated.
  8. 8. Disadvantages of Risk Management  The methods of calculation are complex.  The Risk Management process handles a long time and the process is very complex reduce this problem.  Without financial tools the process can be really difficult to solve this problem .  The performance of risk management are hard to follow because of their subjectivity.  The evaluation of risk and its result are uncertain.
  9. 9. What is Insurance Business ? Insurance is a written contract , taken with the insuring company , that transfers the risk of loss to the insurer according to the terms of the contract. Right now in Bangladesh all insurance company are following the act of 1938. In Bangladesh insurance companies are controlled by IDRA (Insurance Development & Regulatory Authority).
  10. 10. History of Insurance in Bangladesh Bangladesh Insurance business increased for the duration of 1947-1971, when there are 49 insurance companies operate their business both life and general insurance. After liberation war in 1972 The People's Republic Government of Bangladesh nationalized the insurance industry along with the banks in 1972 by Presidential Order No. 95
  11. 11. Different types of Insurance Business  1. Life insurance : It is a contract between an insurance policy holder and an insurer , where the insurer promises to pay a designated beneficiary a sum of money in exchange of a premium , upon the death of and insured person.
  12. 12. Different types of Insurance Business  2. Property insurance : it provides protection against most risks to property , such as fire ,theft and some weather damage .
  13. 13. Different types of Insurance Business  3. Motor insurance : A motor insurance policy is mandatory policy issued by an insurance company as a part of prevention of public liability.
  14. 14. Different types of Insurance Business  Fire insurance : Fire insurance is insurance that is used to cover damage to a property caused by fire .
  15. 15. Different types of Insurance Business  Heath insurance : Health insurance is a type of insurance coverage that for medical and surgical expenses that are incurred by that insured .
  16. 16. Different types of Insurance Business  Marine insurance : covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.
  17. 17. Problems of insurance business  Less public awareness : A large number of people are left from the insurance coverage. They don’t have the minimum idea about insurance and the benefits from the insurance policy.  Centralization : Most the insurance company are located in urban areas. They don’t think that a large number of people also lived in rural areas.  Lack of qualified officials : Insurance company performing their business by their marketing agent. But sometimes they are unable to convince their customer because the lack of proper training.
  18. 18. Problems of Insurance Business  Too much complexity : To taken policy there bare a huge4 number of rules and regulations. This huge types of rules and regulations makes feeling irritate the customer.  Insufficient service : right now in Bangladesh the insurance company are failed to provide better service to the mass people. That’s why the customer losing their interest from insurance business.  Lack of information technology : Some insurance company don’t have their personal email or web address that’s why the customer can’t collect their proper information.

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