Until Bangladesh’s liberation, all matters of insurance were handled in Karachi, Pakistan. After 1971, insurance passed over to government domain in Bangladesh. In 1985, the private sector was officially allowed to handle the insurance business.
During the interim period, there was one man who attended conferences around the world and studied up on best insurance practices. This man, Nasir A Choudhury, armed with paid up capital of BDT 30 million (£250,000) and ample first-hand experience thanks to having worked for many years in the public insurance sector, then set up the country’s first private insurance firm, Green Delta Insurance Company Ltd.
The industry has grown by leaps and bounds since those initial days over a quarter century ago, with more than 40 insurance companies currently operating in Bangladesh.
“Today, being an insurance man is much more of a prospect that it used to be. Today, a Bangladeshi insurer is connected to the global pool of master insurers and is reinsured by the global leaders in the reinsurance business,” says Mr Choudhury, adding that Bangladesh is now on par with international standards and is “no less competent than our global counterparts.”
Green Delta has pioneered the industry in Bangladesh, providing overseas training for its employees who, in turn, go on to work in other companies and share their know-how.
“We have some very promising experts working here. It could very well be that any one of them might be the one to create a revolution in the industry,” says Mr Choudhury, who when asked about the future of Green Delta remarks: “I see a group of master insurers that will evolve through the internal practices of Green Delta. We will keep producing expert insurers and this advanced group of dynamic individuals will lift this sector to monumental heights. It is not a fantasy; it is a goal.”
Farzana Chowdhury, Green Delta’s Additional Managing Director, Group Chief Financial Officer and daughter of the founder and MD, underscores the importance of the company’s role in Bangladesh. “In the last 27 years, Green Delta has proved to be the lighthouse for private insurers,” she says. “Since its inception, the firm has been known for its market ethics, innovating marketing plan, prompt claim management, investment plan, product innovation, use of technology, inclusion of best professionals and providing best-in-class national and international training.”
The pioneering insurance firm holds on to its leadership position thanks to its highly competitive pricing and its offering the most diversified range of products and services in the non-life insurance market. Also boasting the Green Delta name are two subsidiaries, Green Delta Securities Ltd and Green Delta Capital Ltd, who provide international standard brokerage and investment banking services, thus adding even more expertise and value to Bangladesh’s financial sector.
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