The Insurance Development and Regulatory Authority (Idra) has proposed stricter limits on how much life and non-life insurance companies can spend on management costs, aiming to strengthen financial discipline and reduce delays in claim settlements.
The government has taken the initiative to amend the insurance law, aiming to give the regulator greater authority to dissolve and restructure the boards of insurers, limit family ownership concentration, and impose hefty fines for breaking the rules.
With a gross domestic product growth rate of nearly 5.8 percent in 2023, Bangladesh is one of the fastest-growing economies in the world. Driving Bangladesh’s prospects is our extremely active domestic consumer market, which accounts for nearly 70 percent of GDP and is rapidly expanding on the back of a growing middle and affluent class. Fuelling this growth is a digital economy that is also expanding rapidly.
The system of selling insurance services to bank customers will ultimately expand financial inclusion.
The government's move to approve bancassurance is an opportunity to make insurance more accessible, trustworthy, and understandable.
The insurance regulator issued a circular in this regard today
The claim settlement ratio of life insurance companies in Bangladesh plunged to its lowest level at least in a decade in 2021 as their capacity to pay out has been reduced by bad investment, excessive costs and business slowdown caused by the coronavirus pandemic.
Crop insurance may not be successful in Bangladesh if the government doesn’t extend support and awareness among farmers is not raised, said experts yesterday.
Disaster-prone developing nations, including Bangladesh and Indonesia, are exposed to crippling losses when storms, floods or earthquakes strike because they suffer from a dangerous lack of insurance, industry experts said yesterday.
The claim settlement ratio of life insurance companies in Bangladesh plunged to its lowest level at least in a decade in 2021 as their capacity to pay out has been reduced by bad investment, excessive costs and business slowdown caused by the coronavirus pandemic.
Crop insurance may not be successful in Bangladesh if the government doesn’t extend support and awareness among farmers is not raised, said experts yesterday.
Disaster-prone developing nations, including Bangladesh and Indonesia, are exposed to crippling losses when storms, floods or earthquakes strike because they suffer from a dangerous lack of insurance, industry experts said yesterday.
