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RICBL reduces premium

7 November 2009

Commemorating the first coronation anniversary of the fifth Druk Gyalpo, the Royal Insurance Corporation of Bhutan Limited (RICBL) has announced premium reduction for fire and motor insurance, which are the company’s biggest insurance portfolios.
“The reduction in premium is a part of the company’s overall restructuring processes to provide affordable insurance services besides improving our service delivery system,” said Namgyal Lhendup, the chief executive officer (CEO).
The CEO said the reduction in premium rates was intended to make RICBL’s premium structure competitive and affordable.
“With our new competitor offering better prices, our prices should also come down,” he said.
According to him, RICBL in the past had most of its clients in urban centres which has changed because there are increasing probabilities of natural calamities affecting the rural community. “We want to reach out to places other than dzongkhag headquarters to increase our coverage so that we also reach small townships,” said Namgyal.
At present, RICBL has 11 branches across the country and tie-ups with companies in London, Germany, Switzerland, Japan, Thailand, Hongkong, Bangladesh, Nepal and India.
The CEO said it was time to increase and strengthen human resources in the branches so that in the long Wamrongrun, RICBL reaches to all the dzongkhags. In order to spread its reach throughout the country, RICBL has also improved its network services through 80 trained sales executives spread across 20 dzongkhags providing personalized services to clients.
RICBL was incorporated on January 7, 1975, with an initial paid-up capital of Nu one million which has now reached Nu 240 million. The net worth of the company now stands over Nu 700 million with an asset base of over Nu 3.3 million.
The corporation offers 20 non-life products, 10 life products and 17 loan portfolios besides managing private provident fund, group insurance scheme, group term insurance and group saving-cum-linked insurance.

Commemorating the first coronation anniversary of the fifth Druk Gyalpo, the Royal Insurance Corporation of Bhutan Limited (RICBL) has announced premium reduction for fire and motor insurance, which are the company’s biggest insurance portfolios.

“The reduction in premium is a part of the company’s overall restructuring processes to provide affordable insurance services besides improving our service delivery system,” said Namgyal Lhendup, the chief executive officer (CEO).

The CEO said the reduction in premium rates was intended to make RICBL’s premium structure competitive and affordable.

“With our new competitor offering better prices, our prices should also come down,” he said.

According to him, RICBL in the past had most of its clients in urban centres which has changed because there are increasing probabilities of natural calamities affecting the rural community. “We want to reach out to places other than dzongkhag headquarters to increase our coverage so that we also reach small townships,” said Namgyal.

At present, RICBL has 11 branches across the country and tie-ups with companies in London, Germany, Switzerland, Japan, Thailand, Hongkong, Bangladesh, Nepal and India.

The CEO said it was time to increase and strengthen human resources in the branches so that in the long Wamrongrun, RICBL reaches to all the dzongkhags. In order to spread its reach throughout the country, RICBL has also improved its network services through 80 trained sales executives spread across 20 dzongkhags providing personalized services to clients.

RICBL was incorporated on January 7, 1975, with an initial paid-up capital of Nu one million which has now reached Nu 240 million. The net worth of the company now stands over Nu 700 million with an asset base of over Nu 3.3 million.

The corporation offers 20 non-life products, 10 life products and 17 loan portfolios besides managing private provident fund, group insurance scheme, group term insurance and group saving-cum-linked insurance.

By Pushkar Chhetri

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