It is only by understanding the risks involved in any venture that they can be properly addressed and mitigated – via insurance or otherwise.
As industrialisation within Bangladesh has increased and become more sophisticated there has developed a growing requirement for clear but technical insurance advice, independent pre-risk inspections and, more recently, for ongoing Risk Management advice and training.
In a significant expansion of our original role as London based reinsurance brokers in Bangladesh, dating back nearly 50 years, and in an attempt to help improve the awareness and control of risk in the country, in 2002 we established a Dhaka-based Risk Management company (Tyser Risk Management (Bangladesh) Limited – TRMBL) to provide a range of services to support not only the local insurance market but also their International Reinsurers along with – increasingly – local and multi-national industrial groups and Investors. These include:
- Insurance Audits – assessments of current covers and comparisons against international industry standards and, particularly, clients’ needs.
- Insurance Consultancy – in order to protect lenders both locally and internationally, we work as their insurance consultant/ advisor to examine, advice, monitor and approve the insurance policies.
- Plant Surveys – risk assessment reports carried out for insurers and reinsurers in order to enable them to properly understand the various risks involved.
- Risk Management Reviews – ongoing report-based analysis of the issues arising from these plant surveys, which require action and investment by insured for risk improvement.
- Plant Valuations – In order to protect the interests of both international investors as well as local owners, it is an essential principle of insurance that all plants be insured for their true value.
- Safety Audits – Employee safety has become a high-profile issue in Bangladesh and one in which international investors have perforce become increasingly aware. TRMBL have carried out many such audits, reporting to clients’ senior management.
Advance Loss of Profit (ALOP) – ALOP monitoring and reporting service.
In the years ahead, and with further development within the country proceeding at a remarkable pace, we are confident that TRMBL will contribute increasingly to the stable and secure industrial growth to which the Bangladesh Government has committed itself. In the next stage of development our aim is to go beyond this territory and to reach the clients in the Sub-Continent, South East and Far East Asian countries.
Tyser Risk Management (Bangladesh) Limited,
Level 4, 34 Awal Centre, Kemal Ataturk Avenue,
Banani, Dhaka 1213,
Telephone: +88 02 55 042048