Risk analysis of general insurance industry in Bangladesh: A study of Crystal Insurance Company Limited

Abstract

Internships are required for BBS students to graduate from BRAC University. Therefore, I completed my internship with Crystal Insurance Company Limited, one of the many essential general insurance companies of Bangladesh. The risk analysis, how each type of insurance is calculated, and the method of conducting a policy are all discussed in this paper. The entire report has been organized into several chapters for ease of understanding. The first chapter covered an overview of internships. The internship information has been defined in this section. In addition, the conclusion of my internship has been addressed. This section reflects the value I offered to my organization as well as how working as an intern helped me. In this last section of this chapter, several recommendations for CICL's future internship program were made. The second chapter examines CICL's overview, operations, and strategic assessment. The objective, technique, scope, and importance of evaluating this chapter were outlined in the first section of this chapter. Ratio analysis, secondary data collection, primary data collection, SWOT analysis, and Porter's five forces were all employed to analyze this part. This chapter also recapitulates management practices such as risk management and human resource management. They adhere to both worldwide insurance standards and the Sadharan Bima Corporation (SBC) norms, which were detailed in the firm overview section. This chapter also includes a five-year financial resource analysis, which includes the number of deposits, investments, and assets. The CICL Risk Assessment was completed in the third chapter. Internal and external risk analyses are also included. This section of the study explains the many sorts of hazards that an insurance company must deal with. Risk management is also discussed, and risk computation is shown using statistics and graphs. Finally, this chapter concludes with suggestions for risk minimization. During my time in CICL, I learned how to function in a corporate environment, which has helped me grow both professionally and individually. My professional path has been heavily affected by my internship since I have had the opportunity to observe firsthand how the general insurance business operates and evolves in Bangladesh. By reflecting on my work at the CICL, I did my hardest to make it substantive. In addition, I have highlighted my overall perspective as an intern, including my learning and obstructions.