The Pioneer Insurance Company Limited (PICL) is a leading “AAA” rated non-life insurance company in the country operating in the private sector since 1996. A group of renowned and celebrated entrepreneurs established the company to carry out non-life insurance business in the country.

Since its establishment, PICL has maintained its presence as one of the most prominent companies, launching innovative products and new plans in the non-life insurance industry in Bangladesh. It has recognized itself as one of the most reputed and brightest names in the sector. Through continued growth and development, PICL has now secured the top position in respect of professional competence and as one of the “Big Three” non-life insurers of Bangladesh in terms of gross direct premium and financial base.

The company was sponsored and founded as a public limited company having an authorized capital of Tk. 1,000 million and paid-up capital of Tk. 978.01 million. PICL is enlisted with the Dhaka Stock Exchange Ltd. and the Chittagong Stock Exchange Ltd. respectively, and has been declaring satisfactory dividends every year since inception.

Memberships and Recognition

PICL represents as members to all apex trade organizations in the country, namely:

• The Federation of Bangladesh Chamber of Commerce & Industry (FBCCI)

• Metropolitan Chamber of Commerce & Industry (MCCI)

• Dhaka Chamber of Commerce & Industry (DCCI)

• Bangladesh Association of Publicly Listed Companies (BAPLC)

• Bangladesh Employers Federation

Additionally, PICL has recently become a member of the Japan-Bangladesh Chamber of Commerce & Industry (JBCCI) and Korea-Bangladesh Chamber of Commerce & Industry (KBCCI).

We are proud to have recently secured the prestigious Gold Award in the ICMAB Best Corporate Award 2022 in the Non-Life Insurance Category.

Business Operations

PICL underwrites all classes of non-life insurance business strictly within the purview of the statutory requirements of the country, providing outstanding services to prominent national and multinational companies operating in sectors such as:

• Pharmaceuticals

• Chemicals

• Textiles

• Cement

• Service Industries (Telecommunication, Hospitals, Hotels)

• Energy

• Manufacturing

• Engineering

• Aviation

• Marine Cargo & Hull

• Banking and Financial Sectors

The company maintains a wide branch network across all major cities and towns in Bangladesh, ensuring on-time service at the customer’s doorstep.

Reinsurance Arrangements

PICL maintains highly satisfactory reinsurance arrangements with leading reputed reinsurers worldwide.

• As per law, 50% of the reinsurance treaty is placed with the state-owned reinsurance corporation, Sadharan Bima Corporation.

• The remaining 50% is placed with overseas reinsurers possessing A-rated credibility.

PICL consistently secures competitive rates, terms, and conditions from the overseas reinsurers’ market.

Management and Leadership

The company employs a team of dedicated, highly professional, and technically sound executives.

Mr. Syed Shahriyar Ahsan joined as the Chief Executive Officer (CEO) of Pioneer Insurance Company Limited in 2022. He brings with him about four decades of work experience in the insurance industry with exceptional knowledge and practical expertise in underwriting aviation, marine hull, specialized complex mega projects, reinsurance, and claims handling of various exposures and complexities.

Prior to joining PICL, Mr. Ahsan served as the Managing Director & CEO for six years at Sadharan Bima Corporation, the only state-owned non-life insurance and reinsurance corporation in Bangladesh. Previously, he also served as Chief Executive Officer in different non-life insurance companies for 16 years.