FAQs
What is Insurance?
Insurance in laymen's term is a fund raised with accumulation of money by way of premium from many fortunate to assist and help recover the few less fortunate financially, who incur loss. The basic concept behind is to bring back the individual in the same financial position, as he was just prior to the loss only and nothing further. Insurance as many Bhutanese think and take, is not an investment where one is expected to always get back his money but its rather a practical tool to reduce your financial vulnerability to the loss causing risks NOR is Insurance a social institution to help and care the people in financial distress.
Why RICB cannot be compared with other corporations such as Bhutan Telecom?
The comparison of RICBL with corporation such as Bhutan Telecom should not and do not arise as these two institutions are of entirely different entities. It may be wise to note here that the RICBL had been striving along alone after taking over of the insurance business needs in Bhutan from the Oriental Insurance Company of India for the last 26 years without any subsidy from the RGoB as its never there. Further, the RICBL as an institution has to pay tax to the government for generation revenue of our nation for developmental activities and finally produce a fair balance sheet to our shareholders by virtue of being a public company at the end of the day.
What is Insurance?
Insurance in laymen's term is a fund raised with accumulation of money by way of premium from many fortunate to assist and help recover the few less fortunate financially, who incur loss. The basic concept behind is to bring back the individual in the same financial position, as he was just prior to the loss only and nothing further. Insurance as many Bhutanese think and take, is not an investment where one is expected to always get back his money but its rather a practical tool to reduce your financial vulnerability to the loss causing risks NOR is Insurance a social institution to help and care the people in financial distress.
Why RICB cannot be compared with other corporations such as Bhutan Telecom?
The comparison of RICBL with corporation such as Bhutan Telecom should not and do not arise as these two institutions are of entirely different entities. It may be wise to note here that the RICBL had been striving along alone after taking over of the insurance business needs in Bhutan from the Oriental Insurance Company of India for the last 26 years without any subsidy from the RGoB as its never there. Further, the RICBL as an institution has to pay tax to the government for generation revenue of our nation for developmental activities and finally produce a fair balance sheet to our shareholders by virtue of being a public company at the end of the day.