Every graduate should understand insurance policies: Idra chairman

Young people should learn more about the importance of insurance from an early age to ensure financial sustainability throughout life, said M Aslam Alam, chairman of the Insurance Development and Regulatory Authority (Idra).

"Every graduate should understand that insurance safeguards their future," he said at a seminar held at the University of Dhaka today, according to a press release issued by Idra.

The government should also introduce education and health insurance policies in Bangladesh to ensure inclusive growth and strengthen the country's social protection system, he said.

Professor Shahidul Islam Zahid, chairman of the Department of Banking and Insurance, emphasised the need for organising more industry-academia dialogues to align the academic curriculum with the evolving needs of the insurance sector.

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Regulator proposes steep cuts to insurers’ management costs

Professor Mahmood Osman Imam, dean of the Faculty of Business Studies, said the number of life insurance policyholders in Bangladesh is declining, calling for stronger regulation, sustainable operations, and innovation in insurance products and services.

Fazlul Haque, member (admin) of Idra, highlighted the growing demand for actuaries, describing actuarial science as a globally top-ranked and highly technical profession.

He said Bangladesh currently has only four to five actuaries and urged students to pursue this promising career path under Idra's actuary development programme.

Professor Suborno Barua, chairman of the Department of International Business at the University of Dhaka, said the insurance sector struggles to attract competent graduates due to low pay structures and a lack of digitisation.\

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Govt moves to train insurance risk analysts

He called for revising salary scales and expanding reinsurance opportunities to make the sector more competitive.

Hasina Sheykh, professor of banking and insurance at Dhaka University, stressed the need to expand health insurance, noting that no one can achieve sustainable development without an effective health protection mechanism.