Non-life insurance companies in Bangladesh have not been able to settle around 68% of the claims submitted in the year 2024. This has resulted in outstanding claims amounting to approximately BDT26,350m ($217m) by the end of the year.
A senior insurance executive has proposed that the industry regulator require insurers to liquidate their assets if they fail to settle customer claims.
Private insurer, Green Delta has launched the country's first pet insurance product covering dogs and cats.
The Bangladesh government is planning a hold-all insurance coverage of all the citizens and resources of the country for giving a fillip to the country's socioeconomic development.
Shanta Life Insurance, a new life insurer headquartered in Dhaka, officially commenced operations on 1 December 2024, says a company statement.
Thirty-one out of 36 (or more than 85%) life insurers have accumulated outstanding claims amounting to BDT36.43bn ($305m) over the past five years, according to data from the Insurance Development and Regulatory Authority (IDRA).
The new chairman of the Insurance Development and Regulatory Authority (IDRA) has said that changes will be made in the insurance industry as part of the ongoing reform of the state.
Bangladesh's interim government has appointed former senior secretary Mr M Aslam Alam as the new chairman of the Insurance Development and Regulatory Authority (IDRA), the finance ministry announced in a circular.
Dhaka Metro Rail, which was hit by vandals during student street protests in July 2024, did not insure its operations although insurance was acquired during the rail construction phase, according to Mr Jahangir Shah, the spokesperson and director of the Insurance Development and Regulatory Authority (IDRA).
InsureCow, a provider of livestock insurance and management services which was founded in 2022, is expanding its reach across Bangladesh, with plans to venture as well into other emerging markets.