This study comprehensively checks out the competitive dynamics and financial performance of the Bangladesh non-life insurance sector by applying Structure-Conduct- Performance (SCP) hypothesis. Using a balanced panel data of 46 insurers, comprising 45 private and one public insurer, over the period of 2014 to 2023, the research explores how market competition and company specific characteristics influence insurer performance. The market structure is assessed through Herfindahl-Hirschman Index (HHI), CR3, and CR5 concentration ratios, which stipulates a moderately concentrated market dominated by few large insurers. Additionally, a fixed effect panel regression model with robust standard errors empirically examines the impact of market structure and insurer’s conduct on the net profit, used as a proxy of financial performance. The findings disclose that higher market concentration (CR5) is linked with lower profitability, contradicting with traditional SCP expectations. Whereas the company specific conduct factors such as cost efficiency and insurer size foster profitability. Overall, these results support that in Bangladesh non-life insurance sector, the internal efficiency of the insurer matter more than the market power in evaluating insurer success.