Bangladesh Insurance Industry – Key Trends and Opportunities to 2027
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Bangladesh Insurance Market Report Overview
The gross written premium of the Bangladesh insurance market was BDT166.1 billion ($1.8 billion) in 2022. The market is expected to achieve a CAGR of more than 6% during 2023-2027.
Bangladesh Insurance Market Outlook, 2022-2027 (BDT Billion)
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The Bangladesh insurance market research report provides in-depth market analysis, information, and insights into the Bangladesh insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Bangladesh economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Market Size (2022) | BDT166.1 billion ($1.8 billion) |
CAGR (2023-2027) | >6% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | · Life Insurance
· General Insurance |
Leading Players | · MetLife
· Sadharan Bima Corporation · National Life Insurance · Green Delta Insurance · Reliance Insurance · Pioneer Insurance |
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Bangladesh Insurance Market Trends
Digitalization, child planning, and AI are some of the key trends impacting the Bangladesh insurance market. For example, as a step towards the awareness for the public, on February 27, 2023, MetLife Bangladesh launched a plan for children’s education named “My Child’s Education Protection Plan” to help parents manage the expenses of their children’s education as a first step toward awareness of insurance among the citizens of the country. The plan includes unique features for the children that would comprise both savings as well as life insurance coverage. According to this plan both the insured child and parent are covered.
Bangladesh Insurance Market by Segments
The key segments in the Bangladesh insurance market are life insurance and general insurance. The life insurance segment dominated the market in 2022.
Life Insurance: The growth in life insurance can be attributed to the launch of products such as “My Child’s Education Protection Plan” which provides both savings and life coverage options to the insured parent. The life insurance sector in the country has a low penetration in comparison to other developed and emerging markets due to the lack of awareness and trust.
General Insurance: Property insurance was the largest sub-sector in 2022. The growth can be attributed to the implementation of public property insurance with Shadharan Bima Corporation as per the memorandum of agreement made between Shadharan Bima Corporation and private insurers. Due to the increase in the exports in the country, marine, aviation, and transit (MAT) was the second-largest sub-sector in 2022. Growth has been driven by compulsory marine insurance.
Bangladesh Insurance Market Analysis by Segments, 2022 (%)
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Bangladesh Insurance Market – Competitive Landscape
The key companies in the Bangladesh insurance market are MetLife, Sadharan Bima Corporation, National Life Insurance, Green Delta Insurance, Reliance Insurance, and Pioneer Insurance among others. MetLife was the largest insurer in 2021.
Bangladesh Insurance Market Analysis by Players, 2021 (%)
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Segments Covered in the Report
Bangladesh Insurance Market Segments Outlook (Value, BDT Billion, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Bangladesh insurance industry –
- It provides historical values for the Bangladesh insurance industry for the report’s 2018–22 review period and projected figures for the 2023–27 forecast period.
- It offers a detailed analysis of the key categories in the Bangladesh insurance industry and market forecasts for 2027.
- It profiles the top life insurance companies in Bangladesh and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Bangladesh insurance industry.
- A comprehensive overview of the Bangladesh economy, government initiatives, and investment opportunities.
- The Bangladesh insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Bangladesh insurance industry’s market structure gives details of lines of business.
- Bangladesh’s reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Bangladesh insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Bangladesh insurance industry.
- Assess the competitive dynamics in the Bangladesh insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
National Life Insurance Co. Ltd.
Sadharan Bima Corporation
Green Delta Insurance Co. Ltd.
Delta Life Insurance Co. Ltd.
Reliance Insurance Limited
Pioneer Insurance Co. Ltd.
Jiban Bima Corporation
Table of Contents
Frequently asked questions
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What was the Bangladesh insurance market gross written premium in 2022?
The gross written premium of the Bangladesh insurance market was BDT166.1 billion ($1.8 billion) in 2022.
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What is the growth rate of the Bangladesh insurance market?
The insurance market in Bangladesh is expected to achieve a CAGR of more than 6% during 2023-2027.
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Which segment dominated the Bangladesh insurance market in 2022?
The life insurance segment dominated the Bangladesh insurance market in 2022.
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Who are the major players operating in the Bangladesh insurance market?
The key companies in the Bangladesh insurance market are MetLife, Sadharan Bima Corporation, National Life Insurance, Green Delta Insurance, Reliance Insurance, and Pioneer Insurance.
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