The securities regulator has asked the insurance regulator, the Insurance Development and Regulatory Authority (IDRA), to facilitate the listing of 26 insurers and their compliance with rules concerning investments in listed equities.
Bangladesh lost $21bn due to 11 natural disasters between 2015-2020 according to the Bangladesh Bureau of Statistics (BBS).
The Bangladeshi insurance industry rebounded strongly in 2021, thanks to the contraction of excessive commission to agents and digitisation of services.
State-owned Bangladesh Shipping Corp lodged a claim for $22.4m from its insurer for a cargo ship hit by a missile in March, reported Reuters quoting government officials with knowledge of the talks. This is the first major marine insurance claim from the conflict in Ukraine.
The Financial Institutions Division (FID) of the Ministry of Finance is urging the banking and insurance regulators to expedite formulating bancassurance guidelines as it wants to introduce the business model in the country's financial market soon.
For the first time in Bangladesh, people with disabilities have been brought under health insurance cover so that they can get treatment at a low cost. People with autism, Down's syndrome, intellectual disability and cerebral palsy will initially be eligible for the new health insurance policy.
Prime Minister Sheikh Hasina has said that the insurance sector needs an automated and digitised system to offer hassle-free services to customers.
Banking and insurance regulators are drafting two sets of guidelines on bancassurance.
Two insurance industry experts have identified several market segments that are currently under-served by insurers in Bangladesh.
The state-owned life insurance company, Jiban Bima Corporation, has written to the Finance Ministry, asking the latter to make it mandatory for privately-held life insurers to place with it 50% of the business that they reinsure.