prime insurance holds grand opening ceremony …...perception of the pilgrims regarding the hajj...

NewsletterVolume: 5, Issue: 2, November 2015

www.prime-insurance.net

The ‘Grand Inauguration Ceremony’ of Prime Insurance Company’s new Corporate Head O�ce was held on Sunday, 20th September, 2015 in its own premises ‘Unique Heights’, Level-10, 117, Kazi Nazrul Islam Avenue, Dhaka.

Chairman of the Company Mr. Md. Zakiullah Shahid, the Directors, Chief Executive O�cer Ms. Mohammodi Khanam & the other High O�cials inaugurated the program. Chairman Mr. Md. Zakiullah Shahid stated in his speech "We look forward to many years of growth and success. The company’s 19 years of journey moving to own premises is a great achievement”. New Head O�ce opens a new avenue for Prime to meet the expanding business requirements. It will enable Prime Insurance to further enhance its presence in the insurance sector for better service & more success as well.

Chief Executive O�cer Ms. Mohammodi Khanam expressed her thanks to the Honorable Board of Directors for their continual support towards the company. She believes that the new spacious and contemporary well decorated working environment will encourage the executives to work more e�ciently &

enthusiastically to uphold the business growth & also uplift the image of the Company. Head of Branches, Senior Executives of the Company and other distinguished personalities were also present during the inauguration.

The guests present were amazed to see the new & nicely furnished premises and wished to continue their cooperation in favor of Prime Insurance Company.

PRIME INSURANCE HOLDS GRAND OPENING CEREMONY FOR NEWCORPORATE HEAD OFFICE AT UNIQUE HEIGHTS



Credit Rating Information and Services Ltd. (CRISL) has rea�rmed the Claim Paying Ability (CPA) rating of Prime Insurance Company to A+ (pronounced as single A plus) for the year 2014 based on the audited �nancials up to December 31, 2014 and other relevant qualitative and quantitative information up to the date of rating and will be valid till June 30, 2016.

Claim Paying Ability (CPA) rated in this category is adjudged to o�er high claim paying ability. This rating re�ects the good �nancial and underwriting performance, sound liquidity, good �xed asset investment, experienced Board members and Management team of the Company.

The report also stated that Prime Insurance Company has a stable outlook from the industrial point of view for overall industry growth and policy and regulations implicated by regulatory authority as well as new insurance act.

It should be mentioned that in 2013, Prime Insurance was also rated A+ for its good �nancial performance, improving solvency position, diversi�ed investment portfolio, high claim paying ability, strong IT infrastructure and experienced top management. This continuation of upgrading rating proves that Prime Insurance Company operates its �nancial activities in a very transparent and professional manner.

PRIME INSURANCE COMPANYRATED A+ BY CRISL

HAJJ INSURANCESECURE THE HOLY JOURNEY OF PILGRIMSMacca is a spiritual pilgrimage and Hajj is one of the main courses of action amongst the �ve pillars prescribed as a duty for Muslims to undertake at least once in their lifetime who are �nancially and physically healthy. Hajj is the world's largest annual gathering of Muslim people as well.

During performing Hajj, frequent occurrences are made due to stampedes.

Despite of taking initiatives: such as crowd management, crowd control measures, structures improvement and so on by the concerned authorities; various disasters & accidents are happening repeatedly. As a result, tragedy struck the Muslim world several times during performing rituals where thousands of Muslims injured even lost their lives. Some notable incidents are mentioned below:

LAST FIVE YEARS CRISL RATING AT A GLANCEYear CPA Rating2014 A+ (Single A Plus)2013 A+ (Single A Plus)2012 A (Single A)2011 A (Single A)2010 A (Single A)

Death Injured Missing

July 2,1990 1,426 - -May 23, 1994 270 - -April 9, 1998 118 180 -March 5, 2001 35 - -February 11, 2003 14 - -February 1, 2004 251 244 -January 12, 2006 346 289 Plus -September, 2015 2,177 ( AP Count) - 579 2,070 (Reuters Count) 2,223 (AFP Count) 2,385 (Total, National Counts) 769 (Saudi O�cial Count)

Year Incident



IN-HOUSE TRAINING PROGRAM ON BANKERS BLANKET BOND (BBB) ANDITS ADDITIONAL INSURANCE COVERAGES

Besides, many incidents were happened due to �re, protest & violence (not directly involved) even for plane crashes at various times as well. But in 2015, various types of accidents occurred one after another including Crain Collapse due to Windstorm, Horri�c Accident during a Sandstorm, Fire Breaks out at Mecca Hotel & Meena Tragedy which are the deadliest incidents in the history of 25 years Hajj pilgrimage resulting to bodily injury, disablement even death of many more pilgrims in Saudi Arabia.

But it is really very woeful that we have noticed the doubtful perception of the pilgrims regarding the Hajj policy. Very few pilgrims have shown their interest about the Hajj & Umrah Insurance Policy while discussing with the Agencies or Pilgrims of Bangladesh. But to make the holy journey smooth and secured as well as hassle free, Hajj Insurance Policy is very essential.

Considering the pilgrims of Bangladesh, Prime Insurance Company Ltd. has launched a special and unique insurance product for the pilgrims named “Hajj & Umrah Travel Insurance Policy” under the following categories:

(including VAT and Stamp Duty)

Under this policy, each pilgrim will get US$13,500 in case of

accidental death or partial and permanent disability in the platinum category while US$ 8,000 in the gold category, covering his/her journey period starting from Bangladesh to KSA and back to Bangladesh.

The maximum period of coverage under the scheme is 45 days. A transportation of funeral cost worth US$1,500 will be given in the event of death.

Besides, each policyholder will get US$ 800 for admission and necessary treatment after any accident in KSA. This amount is mean for medical, surgical, diagnostic or remedial treatment in case of the insured person sustaining accidental bodily injury in course of the covered trip.

Furthermore, this policy will cover risk up to 12 months from the date of accident, when the insured are eligible to get the bene�ts.

Prime Insurance Company Ltd. obtained this special cover from abroad designed for pilgrims up to 65 years old. However, the cover can be extended up to 80 years of age with an additional premium. The additional premium is shown in below for the Pilgrims whose age between 66 and 80.

• 66-70 years Load premium by 20%



Prime Insurance is always committed to the Pilgrims of Bangladesh for rendering an excellent service.

The Certi�cate awarding ceremony of the day long In-house training program on “Bankers Blanket Bond (BBB), Electronic & Computer Crime, Professional Indemnity for Financial Institutions and Directors’ & O�cers’ Liability Insurance” of Prime Insurance Company was held on May 10, 2015 at the Board Room of Head O�ce. Ms. Mohammodi Khanam, CEO of the Company handed over the certi�cates to the Branch Heads, Department Heads and the Executives of Prime Insurance participated in the training program.

It is to be mentioned that Prime Insurance Company is the �rst insurance company in Bangladesh introduces the coverage for the security of the banks under one umbrella and the reinsurance support & special rate come from the abroad. The company has already issued the policy to AB Bank, Bank Asia, Bank Alfalah Ltd. and Prime Bank Ltd.

The company is very much grateful to the Chairman of IDRA and all the members of Rating Committee for their support to bring out the new policy in the industry.

Plan Category Limit of Indenity Premium (includingVAT & STAMP DUTY )

PLATINUM US$ 13,500 Tk.628GOLD US$ 8,000 Tk.492



With the vision of our quarterly newsletter, we hereby present you a lively interview of Mr. Md. Mehmood Husain, President & Managing Director, Bank Asia Ltd.

Mr. Md. Mehmood HusainMr. Md. Mehmood Husain has joined Bank Asia Ltd. as the President & the Managing Director of the Bank. Prior to this, he was the Additional Managing Director of Prime Bank Ltd. Mr. Mehmood, an ex-cadet and a post graduate in Economics from the University of Dhaka, started his banking career in 1984 with National Bank Ltd. as a Probationary O�cer. He brings with him 32 years of long and diversi�ed banking experience. While in Prime Bank, he held many important and responsible positions and contributed greatly to the growth of the bank. Mr. Mehmood attended a number of professional workshops and seminars at home and abroad. He is the Member of Association of Bankers Bangladesh and life member of Bangladesh Economic Association. He is associated with various social organizations. Mr. Mehmood is a widely travelled person

About Bank Asia Ltd. Bank Asia has been launched by a group of successful entrepreneurs with recognized standing in the society. The management of the Bank consists of a team led by senior bankers with decades of experience in national and international markets. The senior management team is supported by a capable group of professionals many of whom have exposure in the international market.

It set milestone by acquiring the business operations of the Bank of Nova Scotia in Dhaka, �rst in the banking history of Bangladesh. It again repeated the performance by acquiring the Bangladesh operations of Muslim Commercial Bank Ltd. (MCB), a Pakistani Bank.

In the year 2003, the Bank again came to the limelight with over subscription of the Initial Public O�ering of the shares of the Bank, which was a record (55 times) in our capital market's history and its shares commands respectable premium.

The asset and liability growth has been remarkable. Bank Asia has been actively participating in the local money market as well as foreign currency market without exposing the Bank to vulnerable positions. The Bank's investment in treasury bills and other securities went up noticeably opening up opportunities for enhancing income in the context of a regime of gradual interest rate decline.

Bank Asia Limited started its service with a vision to serve people with modern and innovative banking products and services at a�ordable charge. Being parallel to the cutting edge technology, the Bank is o�ering online banking with added delivery channels like ATM, Tele-banking, SMS and Net Banking. And as part of the Bank's commitment to provide all modern and value added banking service in keeping with the very best standard in a globalized world.

A MOMENT WITH…



A Discussion with Mr. Md. Mehmood Husain:Mr. Md. Mehmood Husain, President & Managing Director of the Bank Asia Ltd. recently accepted the new & innovative o�er of Prime Insurance Company’s hospitalization plan ‘Prime Health Plan’ for the employees of Bank Asia Ltd.

We are very pleased & honored that we had an opportunity to take a lively interview of Mr. Md. Mehmood Husain. Ms. Rehana Akter Ruma, SAVP & Head of HRD and In-Charge of Administration & the Editor of the Editorial Board took the interview of Mr. Md. Mehmood Husain. The conversation is as follows:

Ms. Rehana : What is your view about the Health Insurance in our country’s perspective?

Mr. Mehmood : This is an issue which is related to ability and awareness in the context of Bangladesh. Majority of our people lack both of these factors. Only a handful of people who have education, culture and money go for Health Insurance.

Ms. Rehana : We would like to thank you for taking our Prime Health Insurance Policy for the employees of your Bank along with their dependents. What motivated you to take this health insurance policy?

Mr. Mehmood : Prime Insurance Company is a reputed company. Because of its services and Structure and fully supported from the abroad reinsurers, we get psychosomatic comfort that it will stand beside us when we will be (God forbid) in dire strain health-wise. Moreover, claim bene�ts in some Plans of the Health Insurance are higher.

Ms. Rehana : Are you satis�ed with our local and abroad health insurance policy?

Mr. Mehmood : Satisfaction comes with returns. In terms of Prime’s service, response to our claims and claim settlement etc. I must say yes, we are satis�ed.

Ms. Rehana : What additional bene�ts/coverage you think can be included under local and abroad health insurance Plan?

Mr. Mehmood : Now, we are enjoying two types of Health Policy from Prime Insurance Company Ltd.

1. Abroad Health Policy: All the bene�ts of this policy are very compatible with our requirements. But if possible, increase the ceilings of room rent to make it more popular.

2. Local Health Policy: Under local policy, there are some embargoes in some areas i.e medicine, room rent, policy excess fee Tk. 500. For making it convenient more to us, I think, it will be better if you revise the product once again.

Furthermore, for both policies some facilities need to include if possible as follows:

- Direct payment facilities should be included under Group insurance policy.

- OPD facility should be available under Group Insurance Policy as well.

Ms. Rehana : Your feedback will be more productive for us to give you better services . We will work on your issues and de�nitely do our best.

Ms. Rehana : People of our country are still not well concerned on the health insurance policy. To make people more concern about the health insurance services what initiatives can be taken?

Mr. Mehmood : Arranging Awareness campaigns, advertisements, etc can be e�ective initiatives to make people more aware about the health insurance services.

Ms. Rehana : Like other insurance policies, Health Insurance is mandatory in many countries, especially in the developed countries. Do you think our Government should also take steps to make Health Insurance mandatory for every individual along with the organizations?

Mr. Mehmood : Given the present scenario I consider it is still a far cry for obvious reasons.

Ms. Rehana : Well, Sir, I really want to thank you once again on behalf of the Editorial Board of Prime Insurance Newsletter for giving us your valuable time. And we wish you and your company good luck for the coming days.



Prime Insurance Company Ltd settled Fire Insurance claim under Industrial All Risk policy of Northern Corporation Ltd a sister concern of Northern Tosrifa Group. Northern Tosrifa Group is a renowned group of companies; consist of knitting units, Dyeing & Fabric Finishing units and several garment manufacturing units. These companies are 100% export oriented and exporting the knit apparels to all over the world, especially in the European market.

Ms. Mohammodi Khanam, CEO of Prime Insurance Company Ltd handed over a cheque of Tk. 38, 22,610.00 to Mr. Naim Hossan, Managing Director of Northern Corporation Ltd in a ceremonial program.Group CEO Mr. Mohim Hassan, Group CFO Mr. Zillur Rahman, FCMA, General Manager of Finance & Accounts Mr. Md. Hyder Ali, and General Manager of HR, Administration & Compliance Mr. Armanul Azim of Northern Tosrifa Group and Deputy Managing Director Syed Monirul Huq, EVP & Head of Claims Mr. Delwar Hossain of Prime Insurance Company Ltd. were also present on the occasion.

PRIME INSURANCE COMPANY LTD SETTLED FIRE INSURANCE CLAIMOF NORTHERN CORPORATION LTD

HEALTH INSURANCE POLICYWORLDWIDE TREATMENT FACILITIES Prime Insurance Company Ltd. always endeavors through meticulous market research, surveys and customer demand for understanding the market situation and also for the competitive terms & condition to launch new product.

Considering the medicare cost, Prime has introduced very attractive and excellent hospitalization coverage named ‘Prime Health Plan’ for the employees of any Bank, Financial Institutions, Organization (s) even for their family members which ensure them the best �nancial security.

Prime health plan has brought a radical change through its e�ective and advantageous o�erings in the sector of health insurance. When a person takes this policy, he/she will get the �nancial support and mental satisfaction through this policy. Prime Insurance Company will bear the cost of hospitalization up to striking sum insured which will be chosen by the clients with a very lower rate of premium.

It is also to be mentioned that Bank Asia Limited, IPDC, Himalaya Drug Company Ltd. and few multinational

companies have already taken the health policy from Prime for all of their employees and & their respective family members. Now they all are enjoying their bene�ts through this health policy.

Prime Insurance has created a new door in the General Insurance industry by diminishing the aggravation of people through providing health insurance coverage with the following slabs and bene�ts:

POLICY TYPE SUM INSURED • Prime Platinum Tk. 7,50,000• Prime Classic TK 7,00,000• Prime Gold Tk. 5,00,000• Prime Silver Tk. 3,50,000• Prime Green Tk. 2,00,000• Prime Standard Tk. 1,00,000• Prime Basic Tk. 75,000



MANAGERS’ CONFERENCE-2015 OFPRIME INSURANCE COMPANY LTD.

The Managers’ Conference- 2015 of Prime Insurance Company Ltd. was held on Saturday, October 31, 2015 at Sango Banquet Hall, Hotel Victory Ltd, Dhaka.

The Chief Executive O�cer Ms. Mohammodi Khanam Presided over the Conference. Mr. Md Zakiullah Shahid, Chairman of the Company was the Chief Guest of the conference. Directors of the Company Mr. Shah M Hasan and Ms. Saheda Pervin Trisha; Independent Director Mr. A Z M Sazzadur Rahman; Deputy Managing Director & Head of Operations Syed Monirul Huq; All Branch Heads, Departmental Heads & Mr. S. A. M. Hossain, Chairman of Hotel Victory were present in the conference.

The conference started with recitation from the Holy Quran. After that, the Deputy Managing Director & Head of

Operations Syed Monirul Huq delivered the welcome address.

The CEO Ms. Mohammodi Khanam expressed her satisfaction to Branch Heads for their continuous success of achieving Company’s business target and urged upon them to work hard as before so that business target of rest of the months of current year can be achieved smoothly.

Director Mr. Shah M Hasan was delighted to see the performances of the Head of Branches. He also shared happiness for Prime’s new products such as- Banker Blanket Bond Policy (BBB), Prime Health Plan (very attractive and excellent hospitalization coverage), Hajj and Umrah Policy etc. & the earned outstanding premium from those of the products as well.

BENEFITS UNDER PRIME HEALTH PLAN• Wider Coverage for group of People, employees &

families with less premium.• 30 days pre & 60 days post hospitalization bene�t• Worldwide abroad treatment facilities• Wider treatment bene�ts for Singapore, Thailand & India.• Critical illness bene�ts• Accidental death & permanent total disablement

coverage

• Maternity bene�ts• Cash incentive facilities• Hassle free Claims settlement

Our ReinsurersLead Reinsurers are ICICI Lombard, India, GIC Re, India & RICB, Bhutan.

PRIME INSURANCE COMPANY LIMITEDUnique Heights (9th �oor), 117, Kazi Nazrul Islam Avenue Dhaka-1000

Phone: (+88-02) 9331892, 9331896, 9331782, 8321034, 8321042, 8321036, 09613262188, 09613262100 Fax: 88 02 9331782, Email: [email protected]

ADVISORMohammodi Khanam

EDITORRehana Akter Ruma

MEMBERSabrina IslamShalimar Islam

Editorial Board of Prime Insurance Newsletter



To promote the clients as the business partners & �ourish the friendly relations between Prime Insurance Company Ltd. & its valued clients, Prime Insurance Company Ltd. arranged a ‘Get Together Program’ in honor of its esteemed Corporate Clients on Sunday, September 13, 2015 at the Auditorium Hall, Chittagong Club Ltd, Chittagong.

Mr. M.A. Salam, Chairman, Chittagong Development Authority (CDA) and Well Group graced the occasion as the Chief Guest. Ms. Mohammodi Khanam, CEO, Prime Insurance Company Ltd. warmly welcomed the invited guests. Ms. Khanam in her speech stated, “We treat our clients as our business partners”. She also informed about the existing products & also the new & innovative products of the Company such as Health Insurance, Hajj & Umrah Insurance and Bankers Blanket Bond (BBB) policy. Besides, the people who are doing specialized businesses, but

feeling in secured to run the businesses properly, for them Ms. Khanam shared about the Prime’s future plans to launch something extraordinary and various products which could make secured their businesses to move smoothly.

The Chief Guest, Mr. M.A. Salam conveyed his speech during the program & assured to continue his support & cooperation in favor of Prime Insurance in the days ahead. Vote of Thanks was given by Mr. Md. Nader Khan, Director of Prime Bank Ltd. and Chairman, Pedrollo.

Mr. Md. Zakiullah Shahid, Chairman, Prime Insurance Company Ltd. presented the crest and Mr. Shah Alam Babul, the Vice Chairman handed over a �ower bouquet to Mr. M.A. Salam, Chief Guest of the program. Directors & Top Executives of Prime Insurance Company & also many more elite of the society joined the occasion & gave a grand success to the event.

Prime Insurance has published its Third Quarter �nancial statements of 2015 (Un-audited) for the third quarter year ended September 30, 2015. According to the statements the Company’s Net Assets Value at present is BDT 662.85 million, Net Asset Value per Share BDT 16.22, Net Operating Cash Flow

is BDT (64.26) million, Net Operating Cash Flow per Share (1.57) Net Pro�t after Tax BDT . 38.36 million, Earning per Share BDT 0.94 and Number of Weighted Share 40,877,490 @ TK 10 each which is equivalent paid-up capital BDT 408,774,900.

THIRD QUARTER FINANCIAL STATEMENTS- 2015 (UN- AUDITED)

A GET TOGETHER PROGRAM IN HONOR OFVALUABLE CORPORATE CLIENTS

prime insurance holds grand opening ceremony …...perception of the pilgrims regarding the hajj...

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