In its remarkable 50-year journey, the Royal Insurance Corporation of Bhutan (RICBL) has solidified its position as the undisputed leader in life, general insurance, and reinsurance, while also emerging as one of Bhutan’s largest and most influential financial institutions. Over the decades, RICBL has built a legacy of trust, resilience, and innovation, serving as a cornerstone of Bhutan’s financial ecosystem.
Yet, RICBL is not content to rest on its laurels. With its vision firmly set on the future, the corporation aspires to become the “Crown Jewel of Bhutan’s Financial Institutions”—a title reflecting excellence, innovation, and unparalleled service. This ambitious vision is underpinned by four critical targets that the corporation is committed to achieving by 2026:
Today, RICBL offers a diverse number of services, starting from life insurance, general insurance and re-insurance. The Corporation’s commitment to clients is visible in the number and amount of claims it has paid. Despite its achievements, RICBL would not rest on its laurels. It has plans to move ahead.
The highest claim was for a helicopter paid in 2023 to Drukair Corporation Limited, which was a staggering amount of Nu 290,564,408.77. In 2020, for a claim on Fire, RICBL paid Penden Enterprise Limited Nu. 52,500,269.00. The most recent claim was paid to Druk Green Power Corporation for Tala Hydropower in 2024, which was Nu. 11,922,525.00.
Meanwhile, RICBL in 2023 earned a total premium of Nu. 1,220,317,190.56, in General Insurance. From this, claims paid amounted to Nu. 500,006,405.18.
The same year saw Nu 1,407,058,229.04 collected as premium for Life Insurance. The total claims paid were Nu. 1,250,738,300.50.
The Re-Insurance service saw a total premium of Nu 117,845,909.27. Total claims paid were Nu 123,815,491.08.
The progress that RICBL made is also visible in the profit before tax that the corporation made. In 2023, it was Nu. 1,548.34 million, a massive jump from Nu 570.38 million in 2014.
However, the corporation has very ambitious targets set in its five year strategic plan (2022-2026). Central to its roadmap is a focus on four key areas of development.
By 2026, the RICBL aspires to achieve ambitious financial targets, including a 35% return on equity and a 15% annual return on capital. These goals reflect the corporation’s commitment to robust financial growth and delivering consistent value to its shareholders while reinforcing its position as a leader in Bhutan’s financial sector.
Human capital development is a critical pillar of RICBL’s strategy. The corporation recognizes that its workforce is its greatest asset and is committed to investing in continuous training, skill enhancement, and professional growth opportunities. By fostering a culture of innovation and excellence among its employees, RICBL aims to build a team that is capable of driving its vision forward.
Process and product innovation is another key focus area. RICBL is dedicated to continuously improving its product portfolio and streamlining its internal processes to enhance efficiency, competitiveness, and customer satisfaction. By embracing innovation, the corporation seeks to deliver high-quality, value-added products and services that meet the evolving needs of its clients.
Technological advancement forms the backbone of RICBL’s modernization agenda. The corporation plans to adopt state-of-the-art technologies to improve service delivery, boost operational efficiency, and ensure transparency and objectivity across all business functions. Its goal is to offer seamless, reliable, and round-the-clock services to customers, leveraging technology to meet modern demands with precision and efficiency.
To expand its market presence and extend financial protection to more Bhutanese, RICBL aims to increase the insurance penetration rate to 2% from the current 1.39% by 2026. Achieving this milestone involves ambitious plans to grow its general insurance market share from 73% in 2021 to 89% by 2026.
RICBL also intends to enhance outreach to underserved communities, particularly in rural areas. The corporation is committed to ensuring that all Bhutanese, regardless of their location, have access to the protection and financial security they need. This includes tailored initiatives to address the unique challenges faced by rural populations, thereby reinforcing RICBL’s mission to promote inclusivity and resilience in Bhutan’s financial landscape.
Through these focused efforts, RICBL envisions transforming itself into a dynamic, innovative, and customer-centric institution that not only meets but exceeds the expectations of its stakeholders, while contributing to Bhutan’s broader socio-economic development.
Sangay Rabten from Thimphu