Insurers are dissatisfied with the competition of the national reinsurer

Private non-life insurers operating in Bangladesh are complaining about the national reinsurer Sadharan Bima Corporation (SBC). The latter is blamed for having insurance activities, which make of it a direct competitor. Private insurers had previously strived to get the authorities to boost SBC’s capital so that it can fully assume its role as a reinsurer. SBC detains a substantial part of public sector corporate insurance in its portfolio. It also benefits from a 50% legal cession on non-life business.