The Insurance Development and Regulatory Authority (IDRA) has yet to set up the Life Policyholders Protection Fund although more than a decade has passed since the government initiated the proposal.
The finalised guidelines for bancassurance operations currently await the approval of the Finance Ministry, according to Mr Mohammad Jainul Bari, chairman of the Insurance Development and Regulatory Authority (IDRA). He added that bancassurance would be launched soon in the country.
The claims settlement ratio in the insurance sector in Bangladesh fell from 88% in 2020 to 68% in 2021, according to Professor Main Uddin, a former chairman of the Department of Banking and Insurance at Dhaka University, citing the latest available statistics.
Business conglomerate Shanta is expanding into the financial sector by establishing a life insurer, named Shanta Life Insurance.
The Insurance Development and Regulatory Authority (IDRA) has issued corporate governance guidelines to ensure transparency and accountability in the insurance sector.
The growing amount of premiums arrears owing to reinsurers because of the dollar crisis may prompt global reinsurers to exit the Bangladesh market, leaving major projects and industries out of the insurance umbrella.
Motor insurance should be made mandatory immediately, said the president of Bangladesh Insurance Association (BIA), Sheikh Kabir Hossain.
General insurance companies have shown mixed results for the first half of the year, with an overall decline in profits.
The insurance regulator of Bangladesh has finalised a framework to help tech startups to innovate insurance products, their distribution and other related processes.
The Bangladesh government has approved the formation of an independent insurance company that would provide coverage to all public employees.