Bangladesh: Strong insurers urged to lead in life market transformation
Source: Asia Insurance Review | Nov 2019
There needs to be serious thinking about enabling newer insurance distribution channels, incentivising agents to take up a long-term career in insurance, product innovation and revisiting existing regulations, in order to tap opportunities in the life insurance sector in Bangladesh.
Financially strong insurers with long-term visibility need to take the lead; and with the help of the regulatory bodies, these insurers can make a difference to the overall landscape of the life insurance market Delta Life Insurance CEO Adeeba Rahman told Dhaka Tribune.
At present, almost 90% of gross life insurance premiums is generated by the top 10 players, leaving the remaining 22 players only 10% of the market.
Ms Rahman says that factors promoting life insurance growth include increasing per capita income, higher life expectancy, a large young working population and a current insurance penetration rate of less than 1%.
She says that the life sector needs to attract young talents who can build a career in insurance, because youths today are conversant with modern technology and are willing to experiment with new things to bring fast-paced results. A