Insurers in India and Bangladesh already overwhelmed by the impact of COVID-19 on their operations and businesses are now facing a bigger challenge in dealing with the claims arisng from super cyclone Amphan that has destroyed large tracts of land and property in eastern India and southern Bangladesh.
Super cyclone Amphan that tore into coastal parts of eastern India and Southern Bangladesh on 20 May has wreaked havoc along a large part of the coastline, including the metropolitan city of Kolkata in India.
COVID-19 has brought to the forefront the potential for microinsurance in the Bangladesh market, where over 30% live below the national poverty line and insurance penetration is extremely low.
In a first ever initiative, Guardian Life, a private life player in Bangladesh has shifted its entire operations online.
There are still 26 insurance companies which have yet to list their shares on the stock market after the government's 31 December 2019 deadline for insurers to launch their IPOs.
State-owned Sadharan Bima Corporation (SBC) has launched, for the first time, index-based flood insurance for crops grown in wetland areas which are susceptible to flash floods.
Green Delta Insurance, a private player in Bangladesh has partnered with digital financial services platform, Nagad to raise funds for the farming community in Bangladesh that is facing livelihood challenges from COVID-19.
Payments-wallet company BKash has launched a free health insurance scheme for its customers to cover COVID-19.
Bangladesh Bank, the central bank of Bangladesh has instructed all banks in the country to provide health insurance cover to their employees for COVID-19.
Digital Health, a Grameen group company has launched a new insurance product to cover COVID-19 related expenses of 100,000 individuals.