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Marine is the oldest form of insurance, which was introduced in Northern Italy sometime between the 12th and 13th century. But the insurance business got an institutional shape in the United Kingdom after establishment of Lloyds Insurance Company in late 17th century.
The coffee houses of London played a vital role in developing trade and commerce in the UK. The merchants and traders used to gather in these coffee houses for their business transactions. Edward Lloyd opened one such coffee house in 1680. In late 17th century this coffee house virtually turned into the most famous Lloyds Insurance Company of the UK.
During the British rule, some insurance companies started functioning in India. These companies were of various origins including British, Australian and also Indian.
After independence, Bangladesh government nationalized the insurance industry in 1972 by the Presidential Order No 95, known as the Bangladesh Insurance (Nationalization) Order 1972.
A total of 60 insurance companies are operating in Bangladesh till date. Of these companies, 57 are private, two state-owned and one is foreign.
Insurance Directorate, under the Ministry of Commerce, is the regulatory-body of the country's insurance sector.
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