chairman's statement
Bismillahi-r-Rahmani-r-Rahim Assalamu Alaikum Wa Rahmatullahi Wa Barakatuh Economy turns into turmoil state during election year. As 2018 was the year of general election; customarily economy should fall down by its natural course. Instead of having disorders in politics, national economy was comparatively static in last year. Conversely, local insurance companies have disappointing figure and failed to add growth in national economy as well. As a result, large number of industries had to suffer badly.

We have number of companies that are newly growing-up but their contribution to

GDP is not satisfactory. Insurance companies (both life and non-life) contributed to GDP about 0.9%. WTO has collected data from 2012 to 2017 regarding contribution of insurance companies in GDP. They have found the gradual declining phase of premium, which was disappointing to WTO.

 

In 2012, Life and Non-life insurance companies contributed to GDP about 0.83%, of which ratio was 62% for life and 21% for non-life. This condition became worse in step-wise fashion till 2017 and came to 55%, where, life and non-life insurance

comprises 0.40% and 0.15% respectively.

 

I personally intended to assure our share holders that we are successful to hold up our success- speed instead of having countrywide adverse situation. If we look at our report, we manage to find out the picture that NICL has earned profits of 7.48% in premium and 14.81% in underwriting.

 

Bangladesh has entered into an island of global digital network. People are taking

support of this digital technology. They are adopting this networking system and

becoming more familiar to this. This scenario helps us to introduce digital networking service. We have started our program with Motor Insurance under this

framework. Now, anyone can take the opportunity of our on-line services and

facilities from anywhere to make his/her motor vehicle insured. We have turned the process easy. Anyone can use debit/credit card, online banking, and even mobile banking service like; bkash, ipay or rocket etc. This new path has ensured

transparency more successfully. In turn, it is becoming popular to the young people. We are planning to do our all activities through online, Inshallah.

 

 

 

I must articulate my gratitude for the amazing support and faith that you have

shown in establishing the company.

 

Being here as a Chairman of NICL, it has been a thrilling experience and I believe

that our best days are yet to come by the grace of Allah (Subhanatayala).

 

NICL is one of the amazing Insurance Company which runs parallel to the

technologies and IT systems. We have the most advance integrated software

operational activity, which secured our online services. We have an attention in our

future plan build-up online marketing to reach wider group of people. Our attempt

is to cooperate and satisfy the customers. I am indeed enthusiastic not only as the Chairman, but also as an investor.

 

NICL has the efficient and effective operational system, which aligned with the

strategy. We have reliable financial reporting and management information, completed and timely made; and the Company is in compliance with applicable

laws and regulations as well as the Company`s internal policies and ethical values including sustainability. The Company has a well defined organizational structure and documented policy guidelines. This is to tell you that our standards are set very high in order to protect our clients.

 

I am gratified to Insurance Development & Regulatory Authority (IDRA) for their

guidance and strong regulation policies to develop the industry. I must appreciate

their active participation for promoting the benefits of Insurance to the Government. Special thanks to Bangladesh Insurance Association (BIA), Bangladesh Securities and Exchange Commission (BSEC), Registrar of Joint Stock Companies & Firms, Dhaka Stock Exchange Limited (DSE) and Chitiagong Stock Exchange Limited (CSE). Furthermore, I want to thank the authorities of the People`s Republic of Bangladesh for their support.

 

Thank you all.

 

 

A K M Monirul Hoque

Chairman

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We Cover, We Care, We pay

Because your insurance needs are divergent, we offer a wide spectrum of versatile products and services. Moreover, our highly qualified and experienced professionals will identify your special requirments and draw up plans exclusively for you. We pay promptly all covered claims in a just and fair manner.

Nitol Insurance Company Limited is a Public Limited Non-Life Insurance Company. It is incorporated in Bangladesh on October 04, 1999 as a public Limited Company under the companies Act, 1994 to transact all classes of non-life insurance business.

We are dedicated to developing a long-term relationship with our clients by providing them outstanding services. We offer a wide spectrum of versatile non-life insurance products and services. Moreover, our highly qualified and experienced professionals will identify special requirements and draw up plans exclusively for our clients. We pay promptly all covered claims in a just and fair manner.

Our Vision

Our destination is the Apex of Success. We have to reach to that goal by our modern thinking, hard labor, time-worthy decision, sincerity and unparalledled service to the Clients. We are committed to our slogan "Your Security is Our Responsibility".

Our Mission

To provide the financial security to our clients, with utmost good faith, sincerity and dedications.

To provide service to the insuring community, according to their need and expectation.

To conduct business fairly, honestly and with transparency.

We Strive For

- To follow Utmost good faith & other principles of Insurance strictly.
- Best Service to our clients.
- Protection of investment of our shareholders.
- Welfare of our employees.
- Due Revenue colection for the Government.
- Ethical and moral social order.
- Good govermance for us and all around us.
- Transparency in Disclosures.

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