Since the recess in insurance industry due to the ongoing global economic issues, domestic insurance rate has fallen down a little, but our strong appearance through overseas fund settlement management, we have been able to remain on the edge. Overseas insurance recovery poses difficult situations in the light of recent economic condition, but our 50% of the insurance has been remitted from overseas insurance.
Due to the economic recovery process and the ongoing conflicts in Ukraine, Palestine, Syria, marine premium has declined, additionally the currency fluctuation has caused a difficult situation in business of the company, however, though the has not grown as expected, we still managed to ensure a positive growth momentum throughout the year.
As an A rated insurance Company of Bangladesh, Pioneer Insurance Company Limited is now more trusted than ever with history and rate of settlements. The company has maintained AAA rating for a long period of time. As the country and economy grows, there are more and more opportunities for insurance coverage in Bangladesh and Pioneer Insurance Company Limited aims to take the pioneering role like always. The company is looking forward to introduce new insurance products to serve the moder business trend and necessities. We are planning to extend our operation in micro insurance for micro and small businesses. As an innovative approach to serve specific target groups, we are working on collaborating with national and international NGOs to create a delivery channel for our insurance products. We also extending our product range for health and personal accident insurance. To expand our business in the business sectors, we are moving forward with the plan to collaborate with different EPZs of Bangladesh.
In appreciation of the hard work and dedication, Pioneer Insurance Company Limited has been bestowed with the ICMAB Best Performance Award in 2023. Inspired by the achievements of the previous year, we are planning for an even bigger venture in the upcoming years.
In Bangladesh, the insurance sector has a huge opportunity to grow and expand, and Pioneer Insurance Company Limitedis ready to play a key role in this success story, as a leading non-life insurance company. As Bangladesh is now moving ahead with the goal of becoming Smart Bangladesh, insurance coverage in all aspects is a prerequisite and as a leader in the sector, Pioneer Insurance Company Limited is keen on taking part in the quest.
I especially convey my humble gratitude to the Board of Directors for their astute guidance and prudent directions that helped take the right path forward. I also take the opportunity to convey my appreciation to our team, the stakeholders, the government agencies and obviously, the esteemed shareholders for the efforts and supports.
Let us walk the path towards reaching new milestones together.
Syed Shahriyar Ahsan
Chief Executive Officer (CEO)