Company Profile
The Background of the Company.
Reliance Insurance Limited being incorporated on the 20th of March 1988, starts operation by virtue of the Certificate of Commencement of Business” issued by Registrar of Joint Stock Companies on the 22nd of March 1988. It obtains Certificate of Registration from Controller of Insurance on the 7th of April 1988. Currently the company is regulated by Insurance Development and Regulatory Authority (IDRA). Pioneering the industry Reliance Insurance Limited proudly celebrated its Silver Jubilee in 2013. The mission of Reliance is to be one of the outstanding amongst insurers in Asia by putting the customer at the heart of everything they do.
With an eye to ensuring peace of mind, Reliance aims at providing the customer with tailored-made insurance solutions with innovation in products design, delivering attractive returns to their shareholders, and becoming a caring organization for the next generation of talents.
Reliance Insurance underwrites risks from a wide array of personal, commercial and industrial clients across the country. Its clientele effectively tells about its reliability. The conglomerates in Bangladesh range from multinational companies to local corporate have made Reliance as their trusted insurance provider.
Reliance's products encompass Fire, Marine cargo, Marine Hull, Engineering, Personal Accident, Overseas Mediclaim & Holiday, Motor, Various Liability, Aviation Hull &Liability and Miscellaneous Insurances.
Reliance deems claims settlement to be greatest way to achieve customers' satisfaction which ultimately results in increased acquisition of business. In order to ensure promptness in settling claims Reliance has made use of information technology, skilled surveyors and qualified loss adjusters from home and abroad.
Reliance Insurance takes all complaints seriously and aims to resolve them fairly and quickly. Our focus is treating customer fairly through sophisticated approaches on complaint handling procedures in place.
For the year ended December 31, 2020, the Company earned gross and net premium income Tk. 2,937.12 million and 1,062.50 million respectively. The total asset amounts to BDT 10,277.90 millions with an up-ward trend @ 14.20%. A cash dividend of 25% was distributed to valued shareholders for the year ended December 31, 2020. Furthermore; CRISL awarded RIL “AAA” (Triple 'A' indicating highest claim paying ability) in Surveillance Rating based on financials up to December 31, 2019 and other qualitative and quantitative information was up to the date of rating on December 31, 2020
The initial phase of Reliance Tower Project , a 17 Storied + 3 basement building at Plot-11, Block-CWS (C), South Avenue, Gulshan-1 on 19 kathas of freehold land is going on. The project has been started on February 2015 with an estimated cost of BDT 700 millions.
Several consecutive awards from Institute of Personnel Management, Institute of Chartered Accountants of Bangladesh, Institute of Cost and Management Accountants of Bangladesh and South Asian Federation of Accountants are proudly in the silo of Reliance Insurance.
The company is enriched of a group of ABIA's (Associateship of Bangladesh Insurance Academy). Moreover; it is blessed with highest number of qualified members from the Chartered Insurance Institute (CII) of United Kingdom. Moreover; its repository is furnished with people having professional qualifications such as FCA, FCS, FIPM and MBA from home and abroad. It has so far employed over 348 people across a network of 32 branch offices.
