Bangladesh Motor Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Bangladesh Motor Insurance Market. The market is segmented by Insurance type (Third-Party, Comprehensive) by Distribution Channel (Agency, Banks, Brokers, and Others)

Market Snapshot

Bangladesh motor insurance market
Study Period: 2016 - 2026
Base Year: 2020
CAGR: 3 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

  • The Bangladesh Motor Insurance Market is estimated to grow at a CAGR of approximately 3% during the forecast period.
  • In 2017, motor insurance gross premium was increased by 4.8% amounted to 361.63 BDT Crore. However, there was a drop in the growth rate of motor business compared to 4.80% (5.10% in 2016) growth rate recorded in 2016 because of the lack of supervision from a different agency. Motor sub-class recorded higher retention and in 2017 the rate was 94.36% of the gross premium Still motor insurance has not gained popularity because of unethical practice in commission payment, absence of modern demand-based insurance benefits plans and delaying process in claim settlement. Authority is trying to address the premium structure of motor insurance and to stop unethical business in this sector. Authority has already approved the reviewed various tariff rate in non-life business for increasing the insurance policy.

Scope of the Report

This report aims to provide a detailed analysis of the Bangladesh Motor Insurance Market. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the Bangladesh Motor Insurance Market.

By Product type
Third-Party
Comprehensive
Others
By Distribution channel
Brokers
Agency
Banks
Others

Report scope can be customized per your requirements. Click here.

Key Market Trends

Increase in number of Motor Insurance policy:

Motor insurance business accounted for the largest number of policies from a single sub-class of general insurance business in the year 2017 and represented 67.21% of total policies (65.29 % in 2016) in the year 2017. The highest numbers of motor insurance policies were issued because the majority of those were third party insurance indicating that people tend to look for a minimum level of protection for a low premium to fulfil only the legal requirement.

bangladesh1.png

Increase in GDP(Gross domestic product) Per Capita Income:

GDP per capita is a very important indicator of the economic strength of a country and a positive change is an indicator of economic growth. The per capita income of the country has increased in recent years and expected to continue. Rapid rises in GDP per capita usually indicate a higher level of development, causing many aspects of people's lives to increase.

bangladesh2.png

Competitive Landscape

The report covers the major players operating in the Bangladesh Motor Insurance Market. The market is Fragmented, the market is expected to grow during the forecast period due to the increase in year on year motor insurance policy or contracts and many other factors are driving the market.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Value Chain / Supply Chain Analysis

    5. 4.5 Porters 5 Force Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product type

      1. 5.1.1 Third-Party

      2. 5.1.2 Comprehensive

      3. 5.1.3 Others

    2. 5.2 By Distribution channel

      1. 5.2.1 Brokers

      2. 5.2.2 Agency

      3. 5.2.3 Banks

      4. 5.2.4 Others

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers & Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 EASTERN INSURANCE COMPANY LTD

      2. 6.3.2 RUPALI INSURANCE COMPANY LTD.

      3. 6.3.3 PHOENIX INSURANCE COMPANY LIMITED

      4. 6.3.4 PEOPLES INSURANCE COMPANY LIMITED

      5. 6.3.5 ASIA INSURANCE LIMITED

      6. 6.3.6 SADHARAN BIMA CORPORATION

      7. 6.3.7 BANGLADESH NATIONAL INSURANCE COMPANY LIMITED

      8. 6.3.8 PRAGATI INSURANCE LIMITED

      9. 6.3.9 EASTLAND INSURANCE CO. LTD.

      10. 6.3.10 PROVATI INSURANCE COMPANY LIMITED

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The undefined market is studied from 2016 - 2026.

The undefined is growing at a CAGR of 3% over the next 5 years.

EASTERN INSURANCE COMPANY LTD, RUPALI INSURANCE COMPANY LTD., PHOENIX INSURANCE COMPANY LIMITED, PEOPLES INSURANCE COMPANY LIMITED, ASIA INSURANCE LIMITED are the major companies operating in undefined.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!