... MARINE INSURANCE Submitted to Prof. Dr. Mujahidul Islam Evening MBA Program Department of Banking, University of Dhaka Prepared & Submitted by Mohammad Abu Zamih ID # 50917062 (17th Batch) Roksana Alam ID # 50917063 (17th Batch) Evening MBA Program Department of Banking, DU Course Title Insurance & Pension Fund Management Date of Submission Feb 21, 2012 Mujahidul Islam Professor Department of Banking, Faculty of Business Studies, University of Dhaka Subject: Submission of Term Paper Dear Sir: As instructed and part of our academic program under EMBA, We do hereby submit a Term Paper on “Marine Insurance” for your kind review and necessary reference. The Term Paper has been prepared on the basis of guidelines and instructions as given by you and the information, supporting documents as collected from the electronic media. We have engaged our intense efforts to bring out this study report with the target of achieving perfection. We shall be highly obliged if you kindly accept my report. Thanking you. Yours sincerely, ______________________ Mohammad Abu Zamih ID # 50917062 (17th Batch) Roksana Alam ID # 50917063 (17th Batch) MBA (Evening) Program Executive Summary The following paper is intended to be an analysis and a strategic review of “Marine Insurance”...
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...Taisei Fire and Marine Insurance Company Time Frame: 2001 to 2002 The case happened on between 2001 to 2002. Taisei Marine and Fire InsuranceIn November 2001, following the September, 11th 2001 (“9/11”) terrorist attack on the World Trade Center, Taisei Fire and Marine Insurance Co (TFMI) collapsed, due to catastrophic insurance claims of $2.5 billion. TFMI, together with two other Japanese companies, had a management agreement with Fortress Re, which pooled the funds of the companies to share the risks of reinsuring aviation portfolios. All four planes that crashed on the World Trade Center and other sites during the 9/11 attack were reinsured in the Fortress Re pool. During this period, Taisei ascribed its failure - only the second bankruptcy in Japanese non-life insurance since World War II - to the freak events of 11 September. The expected loss from reinsurance was caused purely by the terrorist attacks and we could not foresee that such a huge loss would be generated because the four airplanes simultaneously crashed. The participated companies’ lack of skills in management of Fortress Re and their limited understanding of liabilities in the pool were revealed after the event. Apparently, TFMI had completely relied on Fortress Re’s management decisions. Even though it was true that the unforeseen nature of terrorist attack was a trigger for TFMI’s bankruptcy, this event showed that delegating the entire authority of managing the pool to the Fortress Re management...
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...Chapter One Background of the Study 1.1 Introduction As an indispensible part of BBA Program under Department of Management Studies of University of Dhaka, Internship is designed to bridge the gap between academic knowledge that we explore from studying books and practical working environment to large extent. It is really a great opportunity we got to have a real life experience while passing through the process of practical learning. The preparations of internship report on the topic “Overall Performance of Bangladesh General Insurance Company (BGIC)” was no doubt a challenging task, particularly for a student. I have tried my level best to analyze in depth the overall International and Domestic Trade and business insurance Services provided by BGIC Bangladesh. My pain will be fruitful if my report serves any purpose of BGIC or my department or my fellow friends interested in having insight into the related matters. 1.2 Rationality of the study . No business can exist without having insurance policy, which is much talked about subject now –a- days. In some cases getting insurance is made compulsory for example motor insurance. But unfortunately a very few studies has been made for insurance services. The report is assigned by our course teacher Professor Dr. Shahid Uddin Ahmed as a part of our BBA program. The report is on the assigned topic...
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...Babatunde History of insurance The first examples of insurance related to marine activities. In many ancient societies, merchants and traders pledged their ships or cargo as security for loans. In Babylon creditors charged higher interest rates to merchants and traders in exchange for a promise to forgive the loan if the ship was robbed by pirates or was captured and held for ransom. In post medieval England, local groups of working people banded together to create "friendly societies," forerunners of the modern insurance companies. Members of the friendly societies made regular contributions to a common fund, which was used to pay for losses suffered by members. The contributions were determined without reference to a member's age, and without precise identification of what claims would be covered. Without a system to anticipate risks and potential liability, many of the first friendly societies were unable to pay claims, and many eventually disbanded. Insurance gradually came to be seen as a matter best handled by a company in the business of providing insurance. Insurance companies began to operate for profit in England during the seventeenth century. They devised tables to mathematically predict losses based on various data, including the characteristics of the insured and the probability of loss related to particular risks. These calculations made it possible for insurance companies to anticipate the likelihood of claims, and this made the business of insurance reliable and profitable...
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...------------------------------------------------- CHAPTER 2 FORMATION AND GROWTH OF INSURANCE INDUSTRY IN INDIA * INTRODUCTION * NATURE AND CHARACTER OF INSURANCE * NEED FOR INSURANCE * FUNCTIONS OF INSURANCE * HISTORICAL BACKGROUND OF INSURANCE * TYPES OF INSURANCE * HISTORY OF INSURANCE IN INDIA * Formation of Insurance Industry in India * Nationalization of Insurance Business in India * Privatization of Insurance Industry * LEGISLATIONS REGULATING THE INSURANCE SECTOR IN INDIA ------------------------------------------------- CHAPTER 2 FORMATION AND GROWTH OF INSURANCE INDUSTRY IN INDIA INTRODUCTION Insurance is a practice by which a company provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment. Insurance is a social device, to reduce or eliminate risk of life and property. Under the plan of insurance, a large number of people associate themselves by sharing risk, attached to individual. The risks, which can be insured against include fire, the peril of sea, death, incident, & burglary. The aim of insurance is to protect the owner from a variety of risks which he anticipates. Insurance is actually a contract between two parties. A contract of insurance is a contract where one person undertakes to pay another person, a sum of money or its equivalent on the happening of a specified event. And there is an agreed consideration for such undertaking. The person who seeks this protection...
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...CASE STUDY Third-party motor insurance: Your premiums may see only modest hike By Preeti Kulkarni, ET Bureau | 20 Mar, 2015, 11.47AM IST MUMBAI: The insurance regulator has invited responses to a proposal to increase the third-party motor insurance premium by 14% to 108%. However, industry observers believe that the hike will not be so steep. "Like last year, the hike will be moderated. It may not go beyond 20%," said a senior executive[->0] of a private general insurance company. In February 2014, the Insurance Regulatory and Development Authority of India (IRDAI) had proposed an increase of 25-136% and 0.96-45% for private cars and twowheelers, respectively. However, the final hike was only around 20%. Third-party motor insurance is mandatory and protects the owner of the vehicle against any compensation sought by the victim of a road accident caused by the vehicle.There is no cap on the compensation that a victim can claim in case of an accident. But there is a cap on the third-party premium. Insurers want this cap removed so that they can charge according to the risk they undertake. "The regulator and insurers understand that they need to make a pitch for higher rates to get what they actually aim for. That is the reason why the proposed hike looks steep. It will be significantly watered down when the final rates are announced, " said a Mumbai-based insurance broker[->1]. Moreover, third-party component accounts for a small portion (10-20%) of your comprehensive...
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...List of Insurance Companies in Bangladesh LIST OF NON-LIFE INSURANCE COMPANIES Agrani Insurance Company Ltd. Asia Insurance Ltd. Asia Pacific Gen Insurance Co. Ltd. Bangladesh Co-operatives Ins. Ltd. Bangladesh General Insurance Co. Ltd. Bangladesh National Insurance Co.Ltd. Central Insurance Company Ltd. City Gen. Insurance Company Ltd. Continental Insurance Ltd. Crystal Insurance Company Ltd. Desh Gen. Insurance Company Ltd. Eastern Insurance Company Ltd. Eastland Insurance Company Ltd. Express Insurance Ltd. Federal Insurance Company Ltd. Global Insurance Ltd. Green Delta Insurance Co. Ltd. Islami Commercial Insurance Co. Ltd. Islami Insurance Bangladesh Ltd. Janata Insurance Company Ltd. Karnaphuli Insurance Company Ltd. Meghna Insurance Company Ltd. Mercantile Insurance Company Ltd. Nitol Insurance Company Ltd. Northern Gen.Insurance Company Ltd. Peoples Insurance Company Ltd. Phonix Insurance Company Ltd. Pioneer Insurance Company Ltd. Pragati Insurance Ltd. Pramount Insurance Company Ltd. Prime Insurance Company Ltd. Provati Insurance Company Ltd. Purabi Gen Insurance Company Ltd. Reliance Insurance Ltd. Republic Insurance Company Ltd. Rupali Insurance Company Ltd. Sonar Bangla Insurance Company Ltd. South Asia Insurance Company Ltd. Standard Insurance Ltd. Takaful Islami Insurance Ltd. Dhaka Insurance Ltd. Union Insurance Company Ltd. United Insurance Company Ltd. Sena Kalyan Insurance Company Ltd. Sikder Insurance Company...
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...n bChapter 1: Introductory Parts 1.1 Introduction Insurance is essentially a collective endeavor under which a large number of individuals agree to share the loss which a few of them would incur in future. This means insurance protects those unfortunates who suffer heavy financial impact of anticipated misfortunes by distributing the loss among many who are exposed to the risk of similar misfortunes. The process insurance has been evolved to safeguard the interests of people from uncertainty by providing certainty of payment at a given contingency. The insurance principle comes to be more and more used and useful in modern affairs. Not only does it serve the loss/damage of any losses it also provide financial benefits to the individual for death or at the end of a time period. 1.2 Background of the study This report has been prepared as requirement of the Insurance and Risk Management course. The study of the report was based upon the overall insurance company’s problem and prospects in Bangladesh. We, THE WHIZKIDS group, were duly approved by our course teacher Kazi Raihan Uddin sir. This study will help us to identify the insurance business problem and prospects. 1.3Literature Review Uninsured risk leaves poor households vulnerable to serious or even catastrophic losses from negative shocks. It also forces them to undertake costly strategies to manage their incomes and assets in the face of risk, lowering mean incomes earned. Welfare costs due to shocks and foregone...
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...Study Material for United India Insurance Assistant Officers Exam Powered by www.Gr8AmbitionZ.com your A to Z competitive exam guide United India Insurance AO Exam Study Material – Powered by Gr8AmbitionZ.com 1 m Introduction: What is insurance? co Well it simply means protection against future contingent losses. Insurance provides financial protection against a loss arising out of happening of an uncertain event. A person can avail this protection by paying premium to an insurance company. on Z. A pool is created through contributions made by persons seeking to protect themselves from common risk. Premium is collected by insurance companies which also act as trustee to the pool. Any loss to the insured in case of happening of an uncertain event is paid out of this pool. Insurance works on the basic principle of risk-sharing. A great advantage of insurance is that it spreads the risk of a few people over a large group of people exposed to risk of similar type. iti Definition: mb Insurance is a contract between two parties whereby one party agrees to undertake the risk of another in exchange for consideration known as premium and promises to pay a fixed sum of money to the other party on happening of an uncertain event (death) or after the expiry of a certain period in case of life insurance or to indemnify the other party on happening of an uncertain event in case of general insurance. -Insurance Act 1938 Gr 8A ...
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...Associates Study of Economic Impacts to Port of Baltimore in 2006 The MPA commends the excellent work by Martin and Associates in completing a comprehensive report of the economic impacts of the Port of Baltimore in late 2007, and revised on January 28, 2008. There are two methodology changes (or new features) in the current report - induced and indirect related jobs and a new single measure of the total economic activity. Although other ports are using this enhanced methodology, the MPA chooses not to include them when speaking of the Port’s impacts for the following reasons: • In previous comprehensive studies, only the number of direct related jobs was measured. In the January 2008 study, the related impacts measure the jobs, personal income, and associated state and local taxes that occur at each stage of production of exports or consumption/use of imported cargo. This includes induced and indirect related jobs that are supported by the direct related jobs. The new change in methodology in the current study concerning total related jobs provides a very comprehensive and extremely broad view of the economic impact of the cargo moving via the Port of Baltimore to the State of Maryland. Upon further consideration and external peer review of the comprehensive study, the induced and indirect related jobs are not consider sufficiently linked to Port activity to be included by the MPA when it reports the economic impacts of the Port of Baltimore. Also new in the 2006 study is a single...
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...FOREIGN TRAVEL INSURANCE BACHELOR OF COMMERCE BANKING & INSURANCE SEMESTER 6 ACADEMIC YEAR 2010-2011 DECLARATION The information submitted is true and original to the best of my knowledge. ACKNOWLEDGEMENT I would like to thank Professor Adarsh Suri and Professor Neha Shah who havesupported immensely in the successful completion of this project. Foreign Travel Insurance INDEX 1. | What is Insurance? | 2. | Principles of Insurance | 3. | Need of Insurance | 4. | Types of Insurance | 5. | Benefits of taking Insurance | 6. | What is Globalization? | 7. | What is TRAVEL INSURANCE? | 8. | Types of Travel Insurance | 9. | Types of Travel | 10. | What is Foreign Travel Insurance? | 11. | Objectives of Foreign Travel Insurance | 12. | Guidance to Foreign Travel Insurance | 13. | Foreign Travel Insurance Coverage | 14. | Student Travel Insurance | 15. | Over 65 Travel Insurance | 16. | Foreign Travel Insurance in News | 17. | Foreign Travel Insurance W.R.T ICICI Lombard | 18. | Conclusion | 19. | Questionnaire & Analysis | Summary Provides information on the benefits of foreign travel insurance and what is generally included. Falling ill or experiencing an accident while travelling abroad requires foreign treatment, and, with medical expenses increasing worldwide, this can lead to costs much more difficult to cover than the actual holiday. Medical expenses increase immensely if there’s need for repatriation....
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...PERSONAL ACCIDENT AND HEALTH INSURANCE OF Course Name: Principles of Insurance Course Code: F-210 Submitted to: Samia Sultana Tani Assistant Professor, Department of Finance, Faculty of Business Studies, University of Dhaka. Submitted by: Group No: Section :B B.B.A 17th Batch Department of Finance University of Dhaka. Date of Submission: 27 November, 2012. A Combined Effort of Sl No. | Name | ID-No. | Remarks | 01 | Rakibul Islam | 17-052 | | 02 | Ivy Akhter | 17-046 | | 03 | Mousumi Saha | 17-154 | | 04 | Morium Sultana Moni | 17-104 | | 05 | Nipul Hosen | 17-058 | | 06 | ShantaDev | 17-086 | | 07 | ShamsunNaher | 17-112 | | 08 | Emaj Sultana | 17-062 | | 09 | FatemaTujJuhura | 17-156 | | 10 | SadiaSharminUrmi | 17-192 | | Letter of Transmittal 27 November, 2012 Samia Sultana Tani Assistant Professor Department of Finance Faculty of Business Studies University of Dhaka Subject: Submission of the Report. Dear Madam, It gives us immense pleasure to submit the report on “personal accident and health insurance of pragati insurance limited” This report is submitted as the requirement to fulfill the course “Principles of insurance”. The experience that we gathered through this research was very interesting, joyful and valuable one. This is an ideal ground for...
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...courses to spur economic growth and produce dynamic Managers and Leaders for Africa and the World. This module has been developed for use in the Management University of Africa ODEL Programme by Isabella Sile. She is a lecturer at the Management University of Africa, School of Management and Leadership. Ms. Sile is currently pursuing her PhD in Business Administration –Finance at The University of Nairobi. MODULE OVERVIEW. This module is developed for student taking the course unit “Risk and Insurance Management” in the Bachelor of Management and Leadership Programme. The module follows the outline given below. (Note: Assignments are issued separately) BMT 302 : RISK AND INSURANCE MANAGEMENT. Credit hours: 3 hrs 1.0 COURSE PURPOSE This course equips the learner with skills and knowledge in managing risk and insurance practice and its effects. 2.0 COURSE LEARNING OUTCOMES At the end of this course, the learner should be able to: 1. explain the meaning of risks in insurance; 2. distinguish between the different...
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...Insurance Sector Analysis Project Details: Subject: Financial Management Topic: Insurance Sector analysis Teacher in charge: KB sir Made by: 1. Abhinav Aggrawal, BFIA 1A Roll number: 75101 2. Akhil Bedi, BFIA 1A Roll number: 75107 3. Jessica Singh BFIA 1A Roll number: 75124 Teacher Remarks: Contents Insurance Sector Analysis 1 Project Details: 2 Acknowledgement 4 An Overview of the project: 5 Objective: 5 A Brief History 8 Insurance Sector: Growth 9 Life insurance: 10 General Insurance 11 Ratio Analysis 13 Return on Equity 14 Combined Ratio 15 Debt Equity 17 Loss Ratio 18 Financial Statement Analysis 19 Profit 20 Share Capital 22 Reserves 24 Premium 26 Investments 28 References 30 Acknowledgement We would like to express our gratitude towards KB sir, who gave us the golden opportunity to peep into the financial world, and comprehend and adopt the techniques of analysis and interpretation. Alongside, he has also guided and directed the progress of this project as a member itself, assisting us at every dead lock. We are really thankful to him. Secondly, we would also like to thank the college authority for facilitating such an exposure and providing amenities that made this project possible. Lastly we would like to express appreciation towards each other for the cooperation and commitment shown by each member of the group, which helped shape this project within the limited time. Thank you...
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...http://www.projectscollege.blogspot.com A COMPARATIVE STUDY ON THE PERFORMANCE OF [COMPANY NAME] ALLIANCE INSURANCE COMPANY WITH ITS INDUSTRIAL COMPETITORS By [STUDENT NAME] (Reg. no. ) Of [COLLEGE NAME] A PROJECT REPORT Submitted to the FACULTY OF MANAGEMENT STUDIES In partial fulfillment of the requirements for the award of the degree Of MASTER OF BUSINESS ADMINISTRATION [UNIVERSITY NAME] [PLACE] [YEAR] TABLE OF CONTENTS |S.No |CHAPTERS |PAGE. NO. | | |Abstract |I | | |List of tables |II | | |List of figures |IV | | | | | | |CHAPTER – 1: INTRODUCTION | | |1.1 |Industry Profile |1 | |1.2 |Company Profile ...
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