GREEN DELTA INSURANCE

COMPANY POLICIES, SOCIAL AND

ECONOMIC IMPACT

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 Group Member

Name ID
Sumiya Afrin Aney 2012010000232
Maruf Ahmed 2012010000213
Hasime Rafsanjani 2012010000226
Moushumi Mohammadh Mou 2012010000239
Israt Morium Nila 2012010000234

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 Executive Summary

Insurance company started business in our country a long ago.

From Bangladesh perspective insurance business was not a promising sector in its
early age but it is getting its pace day by day with the growth of overall economic
condition of the country. The privatization policy adopted in the 1980s paved the
way for a number of insurers to emerge in the private sector. This resulted in a
substantial growth of premium incomes, competition, improvement in services
Now days insurance do a very healthy business. People are now more concern
about insure their life and property. Government has given permission to 19
general insurance companies and 10 life insurance companies in the private sector.
Green Delta Insurance company is a leading non-life insurance company which
has several policy including Insurance, Burglary Marine Insurance Health
Insurance, GD Health, People´s Personal Accident Insurance. Overseas Medical
Insurance / Travel Insurance, Loss of Profit Insurance. Contractors All Risk
Policy ,Professional Indemnity, Contractors Plant & Machinery Policy
(CPM).GDIC has a great impact on national economy, on society .This company
also performed corporate social responsibility to many sector.

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 Historical Background of Insurance Companies of
Bangladesh

Insurance is not new business in Bangladesh. Almost a century back, during British
rule in India, some insurance companies started transacting business, both life and
general, in Bangladesh Insurance business gained momentum in East Pakistan
during1947-1971, when 49 insurance companies transacted both life and general
insurance schemes. These companies were of various origins like British,
Australian, Indian, West Pakistan and local. Ten insurance companies had their
head offices in East Pakistan, 27 in West Pakistan, and rest elsewhere in the world.
These were mostly limited liability companies. Some of these companies were
specialized on dealing in a particular class of business, while others were
composite companies that dealt in more than one class of business. The
Government of Bangladesh nationalized insurance industry in 1972 by the
Bangladesh Insurance (Nationalization) Order 1972.By virtue of this order, saves
and except postal life insurance and foreign life insurance companies, all 49
insurance companies and organizations transacting insurance business in the
country were placed in the society.

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Green Delta Insurance
 Green Delta Insurance Company Limited (GDIC) is one of the leading
private non life insurance companies in Bangladesh. GDIC was incorporated
in December 14, 1985 as a public limited company, under the Companies
Act 1913. Actual operations started on 1st January 1986, with a paid up
capital of BDT 30.00 million. Now, Green Delta Insurance Company Ltd. is
amassed about BDT 637.875 million.
 It has 38 branches around the country.
 After 27 years of glorious journey in the Insurance sector, Green Delta
Insurance Company Limited has now become a big family of 13 respected
board members, 600+committed staff, numerous valued clients and
thousands of esteemed shareholders.

Vision, Mission, Strength & Belief

Vision

Our vision is to mature into a sustainable, coherent organization, raise

competitiveness to the highest level in the insurance industry, maintain high profit
stability & balanced quantitative growth and exceed customer’s expectations by
off erring legendary services, embrace a new corporate identity and creative
corporate culture.

Mission

Our mission is to create shareholders value through customer’s satisfaction and

employee’s commitment to excellence.

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Strength

Constant pursuit of suitable strategies has made the company the leading insurer of
Bangladesh for over two decades.

Belief

We believe that client must stand at the center of our all activities. We have the
ability to optimally fulfill the client’s needs based on risk management with
minimum cost and personalized services.

Product and services

Corporate
 Risk Management
 Industrial All Risk Insurance including Machinery Insurance and Business
Interruption
 Property All Risk Insurance including Business Interruption
 Electronic Equipments and Computer Insurance
 Professional Indemnity Insurance
 Comprehensive Machinery Insurance

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  Comprehensive General Liability (CGL)
 Product & Public Liability Insurance
 Directors and Officers Liability (D&O)
 Fire and Allied Perils Insurance
 Marine Cargo and Hull Insurance

Financial
 Cash-in-safe, Cash-in-transit & Cash-on-counter Insurance
 Portfolio Cover

 Credit Card Indemnity Insurance

 Bankers Blanket Insurance
 Bank Lockers Insurance
 A.T.M. Booth Insurance
 Banc assurance


Retail & SME

 Fire and Allied Peril Insurance
 Marine Cargo and Hull Insurance

 Personal Accident
 Health Insurance
 Overseas Mediclaim Insurance
 Micro Insurance
 Micro Health Insurance
 Nibedita-Comprehensive Insurance Policy for Women
 Household Insurance
 Motor Insurance

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  Peoples Personal Accident Policy
 Comprehensive Travel Insurance

Conventional
 Aviation Insurance
 Automobile Insurance

 Workmen Compensation Insurance

 Miscellaneous Insurance
 Engineering Insurance (Erection all Risk, Contractors all
 Risk, Deterioration of Stock & Boiler & Pressure Vessel
 Insurance, business intimation
 Crop Insurance
 Nlbedlta-Comprehensive Insurance Policy for Women
 Weather Index Based Insurance

Investment & Portfolio Management

 Underwriting
 Pre-IPO placement Syndication

 Trusteeship

Green Delta Insurance is known for its innovation and services. Today´s
competitive insurance market is driving the market to think and Win ovate now
products and services and GDIC has been doing with its authentic. Beside the
Traditional insurance portfolio GDIC introduced following personal line of
products In last year and some them are in pipeline:
 Health Insurance
 Household Insurance

 Nibedita-Comprehensive Insurance Policy for Women

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  Cellular Phone Contingency Insurance
 Weather Index Based Insurance
 Personal Accident Insurance Policy for Migrant workers

It is matter of great pride that GDIC has introduced an insurance product first time
ever in Bangladesh which is designed only for the females named as Nibedita-
Comprehensive Insurance Policy for Women. GDIC has also designed first ever
Weather Index Based Insurance for the farmers of Bangladesh which will be
launched shortly.

Policies

Fire Insurance
Basic cover:

 Fire
 Lightning
 Explosion(domestic)

Damage during or immediately following

 Fire caused by – smoke, scorching,

 Falling walls, water used for extinguishing
 Fire, blowing up building for preventing
 Spread of fire.

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This coverage can be extended to include other perils by the additional premium;

 Riot, Strike
 Terrorism
 Storm, Flood
 Subsidence
 Landslide
 Aircraft damage
 Bursting or overflowing of tanks.

Exclusions

Fire due to

 Explosion except boiler used for domestic purpose

 Spontaneous combustion
 Earthquake fire
 Subterranean fire
 Own fermentation or heating
 Flood & Cyclone

Specific Exclusions

 Riot, Civil Commotion, War, Invasion, Act of Foreign Enemy, Civil War,
Rebellion, Revolution, Insurrection etc.
 Radioactive Contamination

Basic Elements of Fire Rating from Tariff:

 Interest
 Construction
 Occupation

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  Location

Burglary Insurance

Scope of Cover
Lost by burglary

 Housebreaking following upon an actual forcible and violent entry into or

exit from the premises by the person or persons .
 Then the company will pay to the extent of such loss to the extent of the
intrinsic value of the descriptive value of the insured.

Exclusions

 Theft by persons lawfully on the premises.

 Any legal liability,
 Loss or damage during the progress of or following upon fire or explosion.
 Earthquake, war, Riot, Civil war, Invasion etc.
 Uncoverable property
 Deeds, bonds, stamp collections, bank or currency.

Marine Insurance
The oldest branch of insurance.

Comprises:

 Cargo Insurance.
 Hull Insurance.
 Lloyd´s is the famous world´s Marine insurance market.
 Marine Insurance Act 1906.
 HULL INSURANCE
 Concerns the insurance of ships.
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  Hull, machinery etc.

CARGO INSURANCE

 Plays an important role in domestic trade as well as international trade.

 Provides insurance cover in respect of loss of or damage to goods during
transit by –rail, -road -sea -air

TYPES OF MARINE POLICY

 Time Policy
 Voyage Policy
 Mixed Policy

Institute Cargo Clauses ( C )

a) Fire or explosion.
b) Vessel or craft being stranded, grounded, sunk or capsized.
c) Overturning or derailment of land conveyance.
d) Collision or contract of vessel, craft or conveyance with any external object
other than water.
e) Discharge of cargo at a port of distress.
f) General average sacrifice.
g) Jettison.

INSTITUTE CARGO CLAUSE (B)

Provides cover under ICC ( C )

Additional risk

a) Earthquake, volcanic eruption or lightning.

b) Washing overboard.
c) Entry of sea, lake or river water into vessel.
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d) Total loss of any package lost overboard or dropped whilst loading or unloading
from vessel.

EXTRANEOUS RISKS

Can be added on payment of extra premium to ICC (B)

a) Theft, pilferage and / or non-delivery.

b) Fresh water and rainwater damage.
c) Hook and / or oil damage.
d) Heating and sweating.
e) Damage by mud, acid and other extraneous substances.
f) Breakage.
g) Leakage.
h) Busting / tearing of bags

INSTITUTE CARGO CLAUSE (A)

 Provide cover for all risks of loss or damage.

 All risks means losses which are caused by accidental circumstances.

Under ICC (C) and (B) the risks covered are specified.

EXCLUSIONS

 Loss caused by willful misconduct of the insured.

 Ordinary leakage, ordinary loss in weight or volume or ordinary wear and
tear.
 Loss caused by inherent vice or nature of the subject matter.
 Loss caused by delay.
 Loss arising from insolvency or financial default of owners of the vessel.
 Loss or damage due to inadequate packing.
 War, riot, strike, lock-out, civil commotions and terrorism.

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Health Insurance

 The health policy provides for reimbursement of hospitalization/domiciliary

hospitalization expenses for illness/disease suffered or accidental injury
sustained during the policy period.
 Under this scheme the expenses for treatment in a hospital for an illness or
injury are insured.
 It does not cover for any expenses in respect of domiciliary or outdoor
treatment.

Covers

 Hospitalization due to accident or illness.

 Ancillary services like ICU/CCU room, post-operative room, blood
transfusion, special investigations, etc.
 Labor room services.
 Intensive care facility.
 Oxygen therapy.
 Skilled nursing services.
 Blood transfusions.
 Ambulance services.
 Dressing while in confinement and test other than the routine investigations.

Three plans

 Basic Plan
 Standard Plan
 Super Plan

The total maximum amount of cover shall limited to BDT 25,000/- for each year.

Costs, charges and fees per Amount payable

confinement in respect of :

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Hospital accommodation (including all Actual cost (maximum BDT 600/- per
room services and telephone charges) day)

Consultant’s fee Actual cost (maximum BDT 300/- per

day)

Routine investigations Actual cost (maximum BDT 1,000/-)

Medicine & drugs prescribed by the Actual cost (maximum BDT 2,000/-*)
Consultant

Intervention for : Actual cost (maximum BDT 15,000 per

case)
Major surgical operation
Actual cost (maximum BDT 10,000 per
Intermediate surgical operation
case)

Ancillary services as follows: 80% of the total amount (maximum BDT

3,000)
Labor room services, post-operative
care facilities, Oxygen therapy, skilled
nursing services, intensive care facility,
blood transfusions, ambulance service,
dressing, tests other than routine
investigations

The total maximum amount of cover shall limited to BDT 50,000/- for each year.

Costs, charges and fees per Amount payable

confinement in respect of :

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Hospital accommodation (including Actual cost (maximum BDT 1,200/- per
all room services and telephone day)
charges)

Consultant’s fee Actual cost (maximum BDT 500/- per day)

Routine investigations Actual cost (maximum BDT 1,000/-)

Medicine & drugs prescribed by the Actual cost (maximum BDT 4,000/-*)
Consultant

Intervention for : Actual cost (maximum BDT 15,000 per

case)
Major surgical operation
Actual cost (maximum BDT 10,000 per
Intermediate surgical operation
case)

Ancillary services as follows: 80% of the total amount (maximum BDT

6,000)
Labor room services, post-operative
care facilities, Oxygen therapy, skilled
nursing services, intensive care
facility, blood transfusions, ambulance
service, dressing, tests other than
routine investigations

The total maximum amount of cover shall limited to BDT 75,000/- for each year.

Costs, charges and fees per Amount Payable

confinement in respect of:

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Hospital accommodation (including Actual cost (maximum BDT 1,500/- per
all room services and telephone day)
charges)

Consultant’s fee Actual cost (maximum BDT 500/- per day)

Routine investigations Actual cost (maximum BDT 1,500/-)

Medicine & drugs prescribed by the Actual cost (maximum BDT 6,000/-*)
Consultant

Intervention for : Actual cost (maximum BDT 15,000 per

case)
Major surgical operation
Actual cost (maximum BDT 10,000 per
Intermediate surgical operation
case)

Ancillary services as follows: 80% of the total amount (maximum BDT

8,000)
Labor room services, post-operative
care facilities, Oxygen therapy, skilled
nursing services, intensive care
facility, blood transfusions, ambulance
service, dressing, tests other than
routine investigations

GD Health

Age Limit

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  Minimum age at entry: Age 18 last birthday (for primary insured and
spouse) and 1 year last birthday (subjected to both parents being covered
under the policy)
 Maximum age at entry: Age 55 last birthday (for primary insured and
spouse) and Age 20 last birthday (for children with both parents covered)
 Renewable up to Age 65 last birthday (for primary insured and spouse) and
Age 23 last birthday (subject to the children being unmarried and dependent)

Underwriting Requirements

 Individual underwriting (with separate medical and non-medical limits) is

required before acceptance.
 Medical underwriting required for ages 46 years and above.
 Medical underwriting requirements to be discussed and decided subsequent
to pricing of plan

Family Floater

 Family Definition: Self, Spouse and Maximum of 2 Children

Occupational Classification

 Premium rates are applicable to Occupational Class I and II.

 Occupational Class III and IV will be declined.

Pre-existing Conditions Exclusion

 Pre-existing conditions are permanently excluded. Waiting Period

 30 days waiting period from the date of policy commencement or date of
reinstatement, whichever is later, if cause of claim is not due to an accident.
 Two year waiting period applicable for common surgical conditions listed in
attached document below.

Day Care Surgeries

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  Day Care Surgery Benefit payable only for surgeries listed in attached
document below

Benefit Conditions

 Geographical coverage is limited to within Bangladesh for all plans except

BDT 1,000,000 plan. For BDT 1,000,000 plan, geographical coverage is
limited to within Bangladesh, India and Malaysia.
 We will reimburse the hospitalization costs subject to a min. 24 hours
hospitalization for covered Illnesses or Accident during the policy term
(except for specified day care procedures)
 Out-patient surgical procedures are not covered.

All Risk Insurance

 Specially suitable for covering jewellery, valuables, curios, antiques and

other works of art, paintings, watches, cameras and other similar articles.

Exclusions:

 Wear & Tear

 Repairing
 Breakage of glass of watches etc.

 Personal Accident Insurance

Table A

Death permanent and temporary disablements.

Table B

Death permanent total and partial disablements.

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Table C

Death only.

Compensation Scale

Table A Table B Table C

CLASS 1 TK.30.00 TK 12.50 TK 8.50

CLASS 2 TK.40.00 TK.16.00 TK.11.00

CLASS 3 Tk.50.00 Tk.21.00 Tk.15.00

 Annual Premium for Sum Insured of Tk.10, 000.

 For Ages between 16 and 65 years.
 Larger compensation medical expenses can be included under Table "A" at
an additional premium @10% of basic premium.


Group Personal Accident Policy

 Issued where there is some common relationship among the persons to be

insured.

People´s Personal Accident Insurance

 Same as personal accident policy.

 Sum-insured is limited Tk.1, 00,000/-
 Premium very low –Tk.60/-

Cash-In-Transit & Cash-In-Safe

Scope of cover:

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  Loss of money under the heading Cash, Bank Notes, Currency notes and
cheques, postal orders or Money Orders by cause occurring during the
period of insurance stated in the Schedule of the policy.

Exclusions:

 Dishonesty of an employee.
 Willful destruction by the authorities.
 Shortages due to error or omission.
 Any loss which is covered under a specific policy.

Overseas Medical Insurance / Travel Insurance

 Consequent upon an unforeseen event happening during the course of a

journey away from the Usual Country of Residence, the Company will
provide the Insured with immediate material assistance as specified under
the Benefits set out in Sections (1) and (2) of this policy, provided that the
event does not occur outside the Geographical Limits.

EXCLUSIONS

The company will not be liable to provide any assistance which arises directly or
indirectly from:

 Fraudulent acts by any Insured or any other person seeking to claim under
this policy.
 Consequential loss of any kind.
 Extraordinary phenomena such as floods, earthquakes, volcanic eruptions,
unusual cyclone storms, falling astral bodies or meteorites.
 Terrorism, civil unrest or riots.
 Actions by the armed forces, security forces or other organizations.
 Nuclear radioactivity.
 The participation by any Insured in:
 Competitions, rallies, or contests.

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  Sports.
 Criminal conduct.
 Wagers or challenges.
 The deliberate act of the Insured.
 Illnesses or pathological states produced by voluntary consumption of
alcohol, drugs, toxic, substance, narcotics, or medicines acquired without
medical prescription.
 Any pre-existing medical condition, suicide or attempted suicide, mental
illness, pregnancy or childbirth.
 Prostheses, glasses conduct lenses, hearing aids or artificial limbs.
 An aesthetic treatment a cure, a counter indication of traveling or of
holidays, the impossibility of continuing in certain places with the advised
preventive medical treatment, the voluntary interruption of pregnancy.
 Mental illnesses, depressions, any dental illness.
 Epidemics. Pregnancy complication.
 Aids, HIV

Loss of Profit Insurance

This cover in summary will cater for;

 Standing charges such as salaries

 Increased cost of working

Exclusions

 Loss of goodwill
 Failure to recover debts due to loss of records
 Depreciation of undamaged stock

Erection All Risk Policy (EAR)

An erection all risk policy is designed to cover the risks associated with the
installation of machines/equipments or composite projects.

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  The policy is normally designed to meet the requirements of those involved
in the erection of a project either as a principal, contractor or sub-contractor.
 Risks associated with construction of Factory sheds, plants, warehouses,
runways, bridges, dams, buildings, hangers, air-taxiways etc can be covered.

Scope of Cover- EAR Policy

 Location risks - Fire, Lightning, Theft, Burglary etc.

 Handling risks- Collision, failures of cranes or tackles, impact of falling
objects.
 Testing & Commissioning Risks: Failure of safety devices, short Circuit,
Explosion.
 Risk of Human Element: Carelessness, negligence, faults in erection, Strike
& riot, Malicious damage, Terrorism.
 Acts of GOD: Flood, Storm, Tempest, Inundation, Landslide, Earthquake.

EXCLUSIONS

 Loss due to faulty design, defective material, or casting and or bad

workmanship.
 Loss or damage due to erection machinery and equipment due to
mechanical/electrical breakdown.
 Loss or damage due to willful act or willful negligence
 Loss or damage due to war
 Loss or damage due to nuclear reaction

Contractors All Risk Policy

Coverage is extended to:

 Civil Engineering Contractors in the matter of works under construction.

 Covers projects like Buildings and Civil Engineering Projects such as office
buildings, hospitals, schools, theatres, etc. factories, Power Plants, Roads
and Railway facilities, airports, bridges, dams, tunnels, etc.

EXCLUSIONS

 War Risks.
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  Normal Wear & Tear.
 Rust, Corrosion, Erosion.
 Inventory Losses.
 Willful acts, Willful negligence.
 Consequential losses.
 Defective Material / Workmanship, Faulty Design.

Industrial All Risk policy

 All industrial risks having overall Sum Insured of BDT 50 crores shall be
under Industrial all risk policy.

Policy covers,

 Material damage only

 All risks/perils other than those which are specifically excluded.

Conditions

 10% self insurance applicable.

 Additional 10% self insurance for more than one recoverable loss within
past 3 years.
 Deductible of 10% loss but minimum 5 lac EE irrespective of perils.
 All project above 5 crore Sum insured to be surveyed.

Exclusions:

 Damage to the property caused by faulty or defective design materials or

work manship, inherent vice, latent defect etc.
 Collapse or cracking of building
 Corrosion rust extremes or changes in temperature,
 Acts of fraud or dishonesty
 Mechanical or electrical break down or derangement of machinery or
equipment.
 Bursting, overflowing, discharging or water tans apparatus or pipes when the
premises are empty or disused.

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  Any willful act or willful negligence on the part of the insured or any person
acting on his behalf.
 Damage occasioned directly or indirectly in consequence of war, invasion
act of foreign enemy, hostilities or warlike operations.

Professional Indemnity
Scope of cover:

 Any error/omission/negligence/on the part of the permanent employees and

directors.
 Dishonest or fraudulent act or omission on the part of the permanent
employees and directors.

Exclusions

 The insolvency of an insurance company.

 Libel or slander
 Loss of or damage to computer system and their records.
 Dishonest, fraudulent criminal or malicious act or omission of the insured.
 Terrorist activities
 Loss of or damage due to earthquake, volcanic eruption, flood, typhoid,
hurricane, cyclone.
 Claims arising out of personal Liability, Employers liability, Product liability
etc

Contractors Plant & Machinery Policy (CPM)

 The policy provides a comprehensive cover against unforeseen and sudden
physical damage to property by any cause not specifically excluded:

Hence covers:

 Location risks-Fire/lightning/theft/burglary
 Impact from falling objects-collision

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  Risks of human element-Carelessness/fault material/riot/strike/malicious
damage/terrorism
 Act of GOD: Storm/tempest/Hurricane flood/landslide etc.

EXCLUSIONS

 Electrical or mechanical breakdown.

 Explosion of any boiler or pressure vessel.
 Loss or damage due to wear and tear corrosion
 Loss of damage while in transit from one location to other.
 War perils, civil commotion, nuclear perils etc

Public Liability:

 Chemical exhaust or residue which is/are pollutant(s)

 Fumes as a result of R&D
 Testing on animals (rats etc.) – possible claim by Animal Rights activists.

Employer’s Liability:

 Liability on employer as a result of injury to employees during discharging

their duty. This could be Vicarious Liability as well.

Workmen Compensation:

 Cover for employees for injuries which are work related.

Product Liability:

 Negligence
 Strict Liability
 Inability to recall
 Design Defects
 Product Withdrawal & Crisis Management Expense
 Emergency Medical Expenses for bodily injury in case of human clinical
trials including trial related athletic activities.
 Employees who voluntarily participate should not be excluded.
 Vendor’s Extension

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  Technical Collaborator’s Extension.

Green Delta to provide mobile phone insurance to Rialto Tech

 Green Delta Insurance Company Limited to provide a mobile phone

insurance policy to Rialto Technologies Bangladesh Limited for Cellular
Phone Contingency Insurance Policy, says a press release.

 This is the first time a mobile phone insurance policy in our country has
been launched.

 Under this policy, all the ‘Prestige’ branded Smart phones and Tablet PCs
sold by Rialto Technologies in Bangladesh will be insured by Green Delta
upon buying the product. A Memorandum of Understanding has been
signed between the two parties in the capital recently.

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 Contribution to the National Economy

 Green Delta Insurance Company Limited made significant contribution to the

government in boosting its revenue collection. As per the prevailing law of the country,
the company being corporate citizen pays tax and vat on its own income. Contribution in
the year 2013 Figure in BDT:

. 3248062.00
Tax Deducted on Various
Tax Deducted on Agency Commission 17941787.00

VAT Deducted on Various Account 7765054.00

VAT Deducted on Survey 1448112.00
Company Tax 64473029.00

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 Impact of GDIC in the economy of Bangladesh

The GDIC is providing different service to the economy of Bangladesh. The

activity which affects the economy of Bangladesh is below:

 Higher GDP:
The GDP of our country is increasing than the previous years which results
in increase of per capita income. So this growing GDP and income holds
bright prospects for insurance companies. The major problem is the
incapability of our people to pay the premium charged by the insurance
companies. With the growth in the income more and more people are now
willing to take an insurance policy for safeguarding themselves from any
danger. The GDIC is directly influencing the GDP because of its large share
in the market.

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 Employment facility:
The population of our country is increasing day by day. The GDIC is
recruiting a huge number of employees every year. So for that the
unemployment problem is decreasing to some extent. It improves their
standard of living.

 New business individual insurance:

There are so many new businesses starting everyday and manufacturing
sector is booming with global demand. Every business is insured under an
insurance company to protect its company from any kind of accident. The
GDIC is giving service to a huge number of companies. The company is
being secured &economy is enriching.

 Micro insurance:
The GDIC is giving different macro insurance service to much small&
median enterprise. As most of the industry in Bangladesh is small &
medium, the macro insurance policy is much importance for the economy.

 Scope in non-traditional sector:

Nowadays, along with traditional insurance services ,the GDIC is offering
various non-traditional insurance services to their customer. Target market of
insurance company may expand and they can offer different types of non-
traditional insurance services such as health insurance, personal accident
insurance, travel insurance, burglary insurance and pension scheme.

 Scope of investment:
Insurance companies can usually make more profit from investment
activities than from their regular insurance business. The GDIC is realizing
this fact and playing role in the financial market. GDIC is making large
investment in government bonds, ICB projects and in private sector
business.

 Service diversification:
Insurance is not just a tool of risk coverage. It is also an attractive instrument
of savings. The mixture of risk coverage with savings gives the opportunity
for innovative product designing which means service diversification. The
GDIC is diversifying their service.

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 Agriculture sector
The economy of Bangladesh is predominantly an agrarian one, with most
people engage in farming and fishing. The uncertainty of agriculture due to
crop failure caused by climate variation, drought, cyclone, flood and pests
affects farmer income as well as government revenue. Furthermore, in the
last few years commercialization has occurred in some sections of the
agricultural sector. So for that the GDIC is providing insurance in agriculture
sector.

 Business sector:
Nowadays in Bangladesh the SME plays an important role in the economic
development. But they are deprived from taking loans from bank for large
amount. The GDIC is focusing this section in Bangladesh & the SME is
being able to contribute more in the economy .Thus GDIC has a bright
prospect in business sector in a developing country like Bangladesh

 Education sector:
GDIC is providing different types of scheme to expand education plan
insurance

Impact of GDIC in the society of Bangladesh

 Create public awareness

Insurance company create public awareness amongst people to insure their
property .
 CSR activity performed by GDIC
Being the foremost non-life insurance brand of Bangladesh, Green Delta
Insurance has a lot of responsibilities to fulfill when it comes to CSR.
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 Participating in activities for the betterment of our environment, human
rights, culture, sports, and society in general has been a very visible trait of
the company. The history of Green Delta Insurance’s CSR goes way back,
even before the word had become the catch-phrase it is today.
 Human rights
In 2013 GDIC took initiative to focus primarily on human rights, eyeing the
rising concern in this sector.Although it’s not the first time GDIC
contributed for the betterment of Human Rights in Bangladesh.
Rehabilitation of the freedom fighters and the women oppressed during the
independence war, wheel chair distribution for the war wounded freedom
fighters, supporting the family of a slain police constable, sponsoring
children’s day programs to nurture hidden talents

 ‘Supporting Her Empowerment’,

‘SHE’ in short, is a Women Empowerment and Development Program by
Green Delta Insurance Company Ltd. To facilitate gender equality and
women empowerment in the workplace in this male dominant society.
GDIC also worked for children.

 Education

This year also they sponsored the annual Iftar Party of JAAGO. JAAGO
Foundation is a Bangladesh based non-profit organization catering to the
education needs of children from socially and economically disadvantaged
background.

cultural and sports

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 They sponsored the cultural program organized on the occasion of
Rabindronath Tagore’s birth Anniversary held at Gulshan Club. Also many
other cultural programs were sponsored to uphold the heritage of Bengali
music and culture.

Environment Related Initiatives

 A natural and clean environment, economical use of resources and respect
for people’s health and safety al these are getting increasing importance in
accordance with this, GDICL is continuously working to ward sreducing
consumption of energy, elimination of use of hazardous substances from its
processes and minimizing waste generation. The emphasis is on minimizing
paper transitions to the extent possible. One of the key targets for financing
manufacturing companies is to reduce their carbon footprint.

Social Obligations
 The head office and all the 38 branches have been established keeping all the
environmental issues in mind. One of the principles set by UN Global
Compact is to follow the environmental guidelines.
 GDIC has established itself as a company which doesn’t face any
environmental or social obligations from government or non government
organizations. The company is setting standards for other corporate bodies to
follow in many areas of CSR and environmental/social issues in general.

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 References

1. www.google.com
2. www.green delta insurance company ltd
3. Green delta insurance company ltd annual report 2013
4. Book-Risk & insurance by Azizul Huq Choudhuri
5. www.insurance company BD

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