History Life of Insurance
Human life and wealth have been associated with risk or danger since the beginning. So these losses in people's minds The insurance system gradually emerged to fulfill the latent desire to be compensated. The advancement of civilization. In continuation of the journey of insurance business until now, the risks and dangers arising for the safety of human life and property It has made people's personal and business life easier and smoother by taking burden into account. Histoty of life insurance
Historical Development of Insurance
In the early stages, there is no definite evidence of when, how and where insurance started. But insurance from the researches and statements of various authors, it is known that Christianity in some European countries centered on Italy. The insurance business originated in the fourteenth century. Later the industrial revolution in Europe led to other trades as well. Unprecedented success in the organizational structure and expansion of the insurance business. Due to business reasons over time. Established commercial relations with Europe and other countries of the world, especially Asian and American countries continues to expand. As a result, in order to eliminate the various risks and uncertainties of business and trade, various European. Apart from the country, the insurance business continues to expand in other countries of the world. The nature of insurance at the initial stage and even though people have some negative attitude towards the activity, insurance is available to people of all classes and professions in modern times. It has gained considerable popularity.
Reviewing the history of insurance development, it can be seen that the insurance system expanded first through marine insurance. Later, the Great Fire of London in 1666 and the Tully Estate in 1861 led to the first fires in Britain. Fire insurance was introduced in 1865 to protect against loss. Later in 1869 'Hand
Life insurance was first introduced in England through the establishment of life insurance.
Since the Industrial Revolution in Europe and later the United States in the late 19th century, fire insurance has evolved step by step. Gain publicity. Factories and industries built by big capitalists at the cost of crores of rupees
They resort to fire insurance to protect themselves from fire. At this time, along with the economic development, big cities, ports
And with the development of business centers, fire insurance expanded rapidly.
During the British rule in the Indian subcontinent, some European entrepreneurs published "The Orient Life" in Calcutta in 1818
Started insurance business by establishing a life insurance company called Insurance Co. Then life insurance
About 1870-71 Bombay Mutual Life Assurance Society, Oriental Govt. Security Life
Assurance Co. Ltd etc. many life insurance companies started. Various types of insurance are in continuation of this
The contract or the insurance policy begins to gain exposure. Most of which are social and philanthropic.
According to the report of the Clauson Committee in the Indian subcontinent in 1928 'The Indian Insurance
Companies Act.' An Insurance Act was enacted and amended, amended and supplemented in 1938.
is restarted. After the partition of India and Pakistan in 1947, the Act was effective in Pakistan in 1954
And in 1958 some parts of it were revised in accordance with the context and social system of our country. 1957
Insurance business in India was nationalized in But the insurance companies of Pakistan are private since independence. Be managed in ownership.
Insurance history in Bagladesh
After the independence of Bangladesh in 1971, a new step was taken in the field of insurance. March 26, 1972
Bangladesh Insurance (Emergency Provision) Order, 1972 was issued. According to the provisions of this Act
The Insurance Act of 1938 is considered as the foundation of the Insurance Act of Bangladesh. Later in 1971
According to President's Order No. (95) on August 8, the country's insurance companies were nationalized. In the said order 75 insurance companies of the country were initially included in five organizations. The organizations are—
i. Bangladesh National Insurance Corporation,
ii. Karnaphuli Insurance Corporation,
iii. Teesta Insurance Corporation,
iv. Surma Insurance Corporation and
V. RUPSA BIMA CORPORATION.
Then on 14 May 1973, the Insurance Corporation Ordinance 1973 (Insurance Corporation Ordinance 1973)
The announcement brought the said five insurance companies under two companies. Life insurance companies call both 'Life Insurance'
Corporation' and the rest of the three bodies also include all other types of insurance companies under 'General Insurance Corporation'.
is done. Almost 18/19 insurance companies of various types between the two State-Owned Insurance Corporations in the immediate post-independence period.
Although the 'General Insurance Corporation' is run profitably, it consists of only 3/4 insurance companies
The 1 Jeevan Bima Corporation' operated very slowly due to some limitations and obstacles.
However, the government's sincere efforts and increasing the managerial and organizational skills of these organizations are possible if possible
The life insurance sector will also be run profitably as a proprietary institution.
Since 1983 in Bangladesh, life insurance and general insurance have been under state ownership as well as private ownership
Several insurance companies have been established. Among these are Bangladesh Insurance Company Ltd., American Life
Insurance Company (ALICO), Progress General Insurance Company Ltd., GreenDelta Insurance Co. Ltd. National
Life Insurance Company Limited, Delta Life Insurance Company Limited, Thanthi Life Insurance Company
Business is expanding rapidly in Bangladesh. For the past two decades, the garment sector of this country has been importing and exporting
There has been considerable momentum in trade. Accordingly, the dynamics of insurance business has increased tremendously in this country.