NRB Islamic Life Insurance Limited, the last licensed private sector in the country, has raised a life fund of more than 8 crore rupees in one and a half years of its establishment. The company received approval for insurance business on May 6, 2021. As of December 31, 2022, the total premium collection of the company has increased by 437 percent to Tk 29.84 crore. Out of this, the first year premium is Tk 26 crore 88 lakh and group insurance premium is Tk 12 lakh. Earlier, the total premium collection of NRB Islamic Life Insurance in the first 7 months of its business in 2021 was Tk 5 crore 56 lakh. Last year, the company’s second year renewal premium was Tk 2 crore 84 lakh.
Which is 51 percent of the first year premium collected in the previous year 2021. In 2022, NRB spent Tk 20.49 million on Islamic life management sector; Which is 68.67 percent of the total premium. Out of this, commission expenditure is Tk 8.60 million, administrative and other expenses are Tk 10.15 million and development officers’ expenditure is Tk 1.74 million. Last year the company’s expenditure approval was Tk 20 crore. That is, Tk 49 lakh or 2.45 percent has been spent extra. Since inception, 19 insurance claims have been raised with NRB Islamic Life. 16 of these are death claims. The company has paid all the insurance claims on time. At present the total investment of the insurance company is 17.5 million taka. Out of this, investment in government sector is 1 crore 50 lakhs and 16 crores in other sectors. The company has a paid up capital of Rs.18 crores.
NRB Islamic Life has 50 branches and service centers across the country. The company has 3 thousand 522 agents and 130 employees. For the first time, NRB Islamic Life has been approved to do insurance business in other countries including Europe. As a result of this approval, expatriate Bangladeshis will be able to send premium money directly to the bank account of NRB Islamic Life. The insurance company believes that this will increase the financial security and savings of expatriates as well as increase the country’s remittance income.
Chairman of NRB Islamic Life Insurance GM Kibria said, usually the management cost is a little higher in the initial year of the business, it happened in our case as well. But in the meantime we have brought down our management cost below the limit. GM Kibria said, We try to complete all the work within 24 hours in insurance claim payment. In this case it took us maximum 7 days to settle some insurance claims due to delay in raising customer claims. He also said, “We were very aware from the beginning of the reasons that created distrust in the insurance sector of the country.” Our efforts are very successful. But what we could not do last year, we hope to be able to do it this year.