COMMITTED TO MAKING A DIFFERENCE
City General Insurance is committed to being a responsible business. We recognize our role in society and are committed to conducting our business in a manner that both creates business opportunity and uplifts the socio-economic conditions of the areas in which we operate. Our approach is to balance the imperative for positive impact with the need for sustainable solutions. During 2023, we paid particular attention to ensuring broader access to insurance solutions, skills development, enhanced levels of consumer education and local employment generation, while remaining committed to fulfilling our exchequer obligations.
Since inception, the Company has steadfastly invested in new product development as an integral part of fulfilling the needs of customers. This approach has culminated in a wide range of best-fit products across the protection segments. In addition, through our retail insurance activities, we have contributed to closing the protection gap in Bangladesh.
A robust distribution network is central to enhancing penetration and insurance inclusion in the country, in which insurance penetration is under 1%. Our distribution strategy is anchored on a framework to provide long-term sustainable growth by being present on a wide range of platforms and touch-points preferred by our customers, thus making insurance easily accessible. In order to achieve this goal, the company has, over the years, forged tie-ups with corporate agents, brokers, etc. This approach has helped increase the company’s reach. Since inception, the company’s operational presence has expanded from a handful of branches to 45 branches across the length and breadth of the country in 2023.
Our employees are our key strength and we have over ………. employees working with us. Over the past two decades, our employees strategy has evolved, aligned with our strategic priorities, even as we have focused on retaining our talent, which has become of paramount importance in a competitive landscape. We have continuously nurtured talent and have built a culture of excellence and empowerment through our learning and development programs, while preserving our intellectual capital and remaining committed to our growth path
BOARD AND ITS SUB-COMMITTEES
The Company has a competent Board of Directors including Shareholder Directors and independent Directors. Almost all of them are elite business personalities of Bangladesh. Board of Directors of the company always support and encourage the Management to comply with the rules and regulations of the land and Directives, notifications, Circulars of regulatory Authorities.
Mr. Hossain Akhter, Chairperson is a veteran business personality. The Board has delegated authority towards 5 (Five) sub-committees namely Audit Committee (AC), Nomination & Remuneration Committee (NRC), Investment Committee, Risk Management Committee and Policyholder Protection & Compliance Committee. The AC and NRC are headed by Independent Directors. The Board has delegated sufficient power to the management of the company for accomplishment of the day to day work.
CHIEF EXECUTIVE OFFICER (CEO)
Mr. Md. Shamim Hossain, the Chief Executive Officer (CEO) of City General Insurance Company Limited is a 22 years experienced and an outstanding insurance professional who is leading the company to make it as one of the most trustworthy insurer in Bangladesh. He has made quite mark in the insurance industry being active role in insurance activities. He has excellent managerial charisma which is commanding to place the Company to the unique height in the insurance industry in Bangladesh.
HEAD OF DEPARTMENT
City General Insurance Company Limited has appointed experienced and qualified professional personnel as Head of the Department. Some of the department head awarded insurance professional degree.
CERTIFICATION & CREDIT RATINGS
City General Insurance Company Limited has been rated AA+ (Double A Plus) by Credit Rating Information and Services Limited (CRISL) indicating very high claims paying ability based on the financials of year ended 31st December 2022 and other relevant qualitative and quantitative information up to date of rating and will remain valid up to June 20, 2024.
ACCOLADES & RECOGNITION
For the second consecutive time, City Insurance has won the prestigious 10th ICSB (Institute of Chartered Secretaries of Bangladesh) national Award 2022 for Corporate Governance Excellence in the Non-life Insurance category. This time we achieved Gold award. Also City Insurance Awarded the prestigious 23rd ICAB (Institute of Chartered Accountants of Bangladesh) National Award for Best Presented Annual Reports 2022 and achieved the Gold award in the Insurance (General) category.
Alongside this, SAFA………………..
PRODUCTS
City General Insurance Company Limited is authorized to transact all classes of non-life insurance business. The Company offers all conventional non-life insurance products along with innovative products in the field of Fire insurance, Marine insurance, Marine hull (Inland & Ocean going), Motor insurance, Bank Lockers insurance, Money insurance, Bankers Blanket Bond insurance, Contractors all risks insurance (CAR), Erection all Risks insurance (EAR), Power Plant Operational Package Policy, Fidelity Guarantee insurance, Machinery breakdown Policy (MBD), Deterioration of Stock Policy (DOS), Boiler & Pressure Vessel Policy, Contractor’s Plant & Machinery (CPM), Electronic Equipment insurance Policy (EEI), Burglary & House Breaking Policy, Business Interruption insurance, Goods in Transit insurance (GIT), Hotel Owners All Risk Policy, Overseas Mediclaim Policy, Personal Accident Policy, The Peoples Personal Accident Policy, Product Liability Policy, Plate Glass Insurance, Workmen’s Compensation Policy, Health insurance, Hajj & Umrah insurance, Bangabandhu Surokkha Bima, Miscellaneous insurance, Property All Risk (PAR) insurance etc.
BUSINESS NETWORKS
City General Insurance Company Limited diversified its business with number of products together with an expanding and well-organized network of 45 (Forty five) branches with a presence in divisional District area of the country. Furthermore, the company has implemented automation and online business support to its clients. With a view to ensuring prompt services, all its businesses are operated through automated system and for coping with changing market demand. The company also implemented Online Approval System thus saving time and minimize of paper cost. City General Insurance Company Limited is in the trendy pathway of innovation practicing the modernize way for it.
REINSURANCE ARRANGEMENTS AND STRATEGY
City General Insurance Company Limited effectively deals with reinsurance matters for making protection of every insured. The Company has its re-insurance support with overseas re-insurer. There is an opinion that Fifty percent re-insurable non-life insurance business of the company is placed to Sadharan Bima Corporation (SBC) and the remaining fifty percent is placed with the overseas re-insurer. City General Insurance Company Limited overseas re-insurer arrangement with lead re-insurer in foreign Countries.
SETTLEMENT OF CLAIMS
City General Insurance Company Limited continue proper re-insurance protection for all re-insurable policies. So, claim settlement cannot come as a big issue to the company. The Company with its experienced claims settlement personnel handle all the claim with due care and advice the claimants with professional support to settle the claims within the shortest possible time. Claims are settled within the applicable rules and regulations.
GROWTH:
The Company Established in 1996 with Tk.60.00 million Paid-up capital and now its Paid-up Capital worth Tk. 681.66 million.
CSR ACTIVATES
City General Insurance Company Limited operates a diverse range of CSR activities on different social issues, various risks and safety-security matters through trainings, seminars, workshops, rallies, publications and also conducts free consultation services on insurance. The Company continues to extend its hands towards the underprivileged people and meritorious students providing them with financial supports. City General Insurance Company Limited started tree plantation to protect the environment since long. The Company distributes indoor plants to respected clients to encourage them towards enhancing a sustainable environment by beautifying the surroundings.
CONCLUSION
City General Insurance Company Limited believes in transparency, ethics and accordingly doesn’t move towards any unhealthy practice including credit business and premium under-cut prevailing in the industry. The company is fully aware of its responsibilities and its future goal in which bring insurance services and benefits to the door of the common people of Bangladesh and as such the company is operating its business by the Branches situated at thana level even.
