Top 10

Insurance Company In Bangladesh

Explore our curated list of the top 10 insurance companies in Bangladesh, featuring National Life. Compare policy features, customer reviews, and financial stability to choose the right insurance partner for your needs.

National Life Is The Top One

Looking for the best insurance company in Bangladesh? This detailed guide lists the top 10 life and non-life insurance companies, including National Life Insurance PLC, MetLife, Green Delta, and more. Find the perfect plan for you.

Top 10 Leading Insurance Companies in Bangladesh: A Comprehensive Guide

In a country like Bangladesh, where uncertainties can strike at any moment, insurance acts as a financial safety net, protecting your loved ones and securing your future. Whether it’s safeguarding your family’s financial stability or insuring your home, car, or health, choosing the right insurance company is a critical decision. The insurance industry in Bangladesh is growing steadily, regulated by the Insurance Development and Regulatory Authority (IDRA), which ensures transparency and reliability.

This article provides a well-researched, up-to-date list of the top 10 insurance companies in Bangladesh, covering both life and non-life sectors, to help you make an informed choice. Our ranking considers key factors like market share, claim settlement ratio, financial stability, and customer service, ensuring you get a clear picture of the best options available.

Top 10 Insurance Companies in Bangladesh

Here’s a curated list of the top 10 insurance companies in Bangladesh, excelling in life and non-life insurance sectors:

  1. National Life Insurance PLC (Life)
    A household name since 1985, National Life Insurance holds a 13.43% market share, making it a leader in Bangladesh’s life insurance sector. With a vast agent network and innovative products like micro-insurance, it’s trusted for its financial stability and customer-focused services.

  2. MetLife Bangladesh (Life)
    A global leader operating in Bangladesh since 1952, MetLife tops the charts with the highest claim settlement ratio in 2024, according to IDRA data. Known for its diverse offerings like life, health, and education insurance, MetLife combines international expertise with a customer-centric approach, earning accolades like the Superbrands Bangladesh Award (2020-2021).

  3. Delta Life Insurance Co. Ltd. (Life)
    Established in 1984, Delta Life is a pioneer in private-sector insurance, offering term life, group insurance, and health plans. With a 7.44% market share, it’s renowned for its reliability and accessibility across urban and rural areas.

  4. Green Delta Insurance Company (Non-Life)
    A leading non-life insurer since 1985, Green Delta holds a 9.24% market share in the general insurance sector. It excels in motor, fire, and health insurance, with a reputation for digital innovation and excellent customer service.

  5. Jiban Bima Corporation (JBC) (Life)
    The only state-owned life insurer, JBC has been serving since 1973. It offers affordable plans like endowment and pension schemes, catering to government employees and the masses, backed by government reliability.

  6. Sadharan Bima Corporation (SBC) (Non-Life)
    As the sole public-sector non-life insurer, SBC holds an 11.02% market share and acts as a reinsurer for the industry. It specializes in fire, marine, and property insurance, known for its stability and wide reach.

  7. Pragati Insurance Limited (Non-Life)
    Founded in 1986, Pragati is a top non-life insurer with a 6.02% market share, offering motor, marine, and health insurance. Its innovative digital platforms and reliable claim settlements make it a strong contender.

  8. Reliance Insurance Limited (Non-Life)
    Leading the non-life sector in 2024 with a premium income of 5,122 million BDT, Reliance excels in fire, motor, and marine insurance. Its strong financial performance and customer trust make it a standout.

  9. Popular Life Insurance Co. Ltd. (Life)
    Since 2000, Popular Life has gained trust with lucrative plans like child protection and pension schemes. Its focus on policyholder benefits and a robust agent network make it a top choice.

  10. Takaful Islami Insurance Ltd. (Life & Non-Life)
    Established in 2001, Takaful offers Sharia-compliant insurance for both life and non-life sectors. Its unique Islamic schemes have earned it a loyal customer base, particularly among Muslim clients.

Top 10 Life Insurance Companies in Bangladesh

The life insurance sector in Bangladesh is dominated by a few key players, holding 85% of the market due to their experience and claim settlement records. Here are the top life insurance companies from the list, with detailed insights:

  • National Life Insurance PLC
    Founded in 1985, NLI focuses on term life, endowment, and micro-insurance for low-income groups. With products like Akok Bima and Islami Takaful, it serves both high and marginal income populations. Its extensive branch network ensures accessibility and strong customer service.
  • MetLife Bangladesh
    Operating since 1952, MetLife is a global giant with a 28.59% market share in Bangladesh. It offers products like the Three Payment Plan, Education Protection Plan, and LifeLine, catering to diverse needs. Its top claim settlement ratio in 2024 and customer-centric innovations make it a trusted name.
  • Delta Life Insurance Co. Ltd.
    Since 1984, Delta Life has built trust with products like Ordinary Life Insurance, Gono Grameen Bima, and health plans. Its mission to serve the masses and a 7.44% market share highlight its reliability and reach across Bangladesh.
  • Jiban Bima Corporation (JBC)
    Established in 1973, JBC is the state-run insurer offering 15 schemes, including whole life assurance, child protection, and pension plans. Its government backing ensures trust, making it ideal for those seeking affordable, reliable coverage.
  • Popular Life Insurance Co. Ltd.
    Founded in 2000, Popular Life offers innovative plans like Hajj Bima and Child Scholarship Assurance. Its focus on high returns for policyholders and a strong agent network have solidified its reputation in the life insurance sector.

  • Takaful Islami Insurance Ltd.
    Since 2001, Takaful has carved a niche with Sharia-compliant products like Islami Bima and group insurance. Its customer-focused approach and alignment with Islamic values make it a preferred choice for many.

Top 10 Non-Life Insurance Companies in Bangladesh

Non-life insurance, covering motor, fire, marine, and health, is a growing segment in Bangladesh. Here are the top non-life insurers from the list:

  • Green Delta Insurance Company
    Established in 1985, Green Delta holds a 9.24% market share and specializes in motor, fire, and health insurance. Its digital platforms for policy management and claim processing, along with a strong corporate client base, make it a leader.

  • Sadharan Bima Corporation (SBC)
    As the state-owned non-life insurer since 1973, SBC leads with an 11.02% market share. It offers fire, marine, and property insurance and serves as a reinsurer, supporting the entire industry. Its stability is unmatched, catering to both individuals and businesses.

  • Pragati Insurance Limited
    Founded in 1986, Pragati offers motor, marine, health, and liability insurance. With a 6.02% market share, it’s known for reliable claim settlements and innovative services like online policy purchases, serving both retail and corporate clients.

  • Reliance Insurance Limited
    Leading non-life insurers in 2024 with a premium income of 5,122 million BDT, Reliance excels in fire, motor, and marine insurance. Its financial strength and consistent performance make it a top choice for businesses and individuals.

  • Takaful Islami Insurance Ltd.
    Offering Sharia-compliant non-life products like fire and motor insurance, Takaful stands out for its ethical approach. Its growing customer base and innovative Islamic schemes add to its appeal.

The Role of Public vs. Private Sector Companies

Public Sector (Life)

Jiban Bima Corporation (JBC) is the sole public-sector life insurer, established in 1973. It offers affordable plans like whole life assurance and pension schemes, often catering to government employees and low-income groups. Its government backing ensures reliability, though its product range is less diverse than private competitors.

Public Sector (Non-Life)

Sadharan Bima Corporation (SBC), also founded in 1973, dominates non-life insurance with an 11.02% market share. Beyond offering fire, marine, and property insurance, SBC acts as a reinsurer, stabilizing the industry. Its public-sector status ensures trust, but it may lack the innovation of private firms.

Private Sector

Private insurers like MetLife, Green Delta, and Pragati drive innovation with diverse products, digital platforms, and customer-centric services. They cater to a broader audience, including corporate clients, and often lead in market share and claim settlement efficiency. However, public-sector insurers like JBC and SBC remain vital for affordability and industry stability.

Factors to Consider When Choosing an Insurance Company

Choosing the right insurance company requires careful consideration. Here’s what to evaluate:

  • Financial Strength: Look for companies with a strong financial foundation, like MetLife or National Life, to ensure they can honor claims. Check their revenue and market share for stability indicators.

  • Claim Settlement Ratio: A high ratio, like MetLife’s top performance in 2024, shows reliability in paying claims promptly, a key trust factor.

  • Product Portfolio: Ensure the company offers plans tailored to your needs, whether it’s life, health, motor, or Islamic insurance, as seen with Takaful or Green Delta.

  • Customer Service & Accessibility: Companies like Green Delta and Pragati offer digital platforms and extensive agent networks, making policy management and claims easier.

  • Reputation and Reviews: Research customer feedback and industry reputation. Established names like National Life and Reliance have built trust over decades.

Conclusion

The insurance landscape in Bangladesh offers a mix of trusted public-sector giants like Jiban Bima and Sadharan Bima, alongside dynamic private players like MetLife, National Life, and Green Delta. Each company brings unique strengths, from innovative products to reliable claim settlements. The best choice depends on your specific needs—whether it’s life insurance for family security or non-life coverage for your car or business. Take time to research, compare plans, and contact agents to find the perfect fit. Investing in insurance today ensures peace of mind tomorrow, safeguarding your financial future in an unpredictable world.