An Appraisal of United Insurance Company Ltd.

Abstract

Insurance is a contract of indemnity under which · insurance company agrees to pay a certain sum of money to compensate loss caused by the occurrence of uncertain event in consideration of certain periodical payment i.e. premium. Essentials of Insurable Interest there must be property, rights, interest, life or liability developing upon the insured capable of being covered, such property, rights, interest, life or liability must be the subject matter of the insurance, the insured must bear some relationship recognized by law, to the subject matter. Insurance is not new business in Bangladesh. Almost a century back, during British rule in India, some insurance companies started transacting business, both life and general, in Bangal. United Insurance Company Ltd. (UICL) is a Public Limited General Insurance Company (Non-Life) maintaining the traditional values of insurance business since commencement in 1985. The Company transacts a wide range of General Insurance business in Bangladesh including Health Plan Scheme and has gradually developed goodwill and expertise in the field with sound and stable financial position. Though United Insurance Company has very prospect in the insurance industry as well as in the economy but for some reasons it's failed to achieve its goal.