Magazine Table of Contents
The South Asian countries of Bangladesh, Bhutan, Maldives and Nepal are emerging markets with economic growth moving at a good pace. Likewise their insurance industries are thriving.
In this exclusive interview with Mr Chiranjibi Chapagain, Chairman of the Beema Samiti (Insurance Board), he shares with us what he has done so far since he came on board in Jan 2017 and his thoughts and plans going forward.
The Finance Ministry of the government of Nepal granted operating licences to nine new life insurers and issued letters of intent to three non-life insurers which created a huge buzz in the market. Some of these companies have been waiting for almost a decade for approval from the government and this move has been seen as a bold step which experts believe will increase insurance awareness and penetration across the country. We speak to two senior level executives from the industry on the state of the market and the way ahead for the industry.
Regardless of Bangladesh’s political and economic challenges, the insurance industry has huge potential for growth and shows no signs of slowing down in the year ahead. The market currently has two state-owned companies, 45 private non-life and 31 private life insurers.
The insurance industry in Maldives is going through exciting times with the economy on a growth trajectory and vibrant tourism and construction sectors, all of which offers opportunities for insurers to grow and thrive.
The insurance industry in Bhutan, which is among the smallest countries in the world, has been growing at an average of 20% in the past five years and is expected to maintain this momentum going forward. There are currently two insurance companies operating in the market. GIC Bhutan Re is the sole reinsurer in the market.