Prime Minister Sheikh Hasina on Wednesday called for ensuring that the insurance claims are paid after proper investigation to curb anomalies in this sector. “Make sure that you are paying the claimed money after appropriate investigation and examinations,” she said. The prime minister said this while addressing a programme to observe National Insurance Day 2023 at the Bangabandhu International Conference Centre (BICC) with the theme 'my life and asset will be secured, if these are insured' ('amar jibon amar sampad, bima korle hobe nirapad'). She said that there are allegations of anomalies in paying the claimed money where unscrupulous people claim hefty amount of money against their insured items. “My request to the people and authority involved in the insurance sector to remain alert to ensure inquiry for finding out the actual loss from any incident,” she said. She asked them not to pay any money without conducting proper investigation bowing down to the pressure from any (influential) person. She asked all people and authorities involved in insurance sector to sincerely look into various anomalies in this sector. “Please do no give in to any pressure. Many people come to us, to me and the ministers or any other person, for getting favour, but you have to find out the actual loss,” she said. Hasina said that any person can claim hefty amount for his or her insured item, but the concerned authorities have to pay the money after proper investigation and examination. “Why is not that being implemented? Then should I think that the investigators are also the beneficiaries of this (anamoly)? I doubt they also have involvement is this," she said. She mentioned that she does not want that insurance companies earn bad names, because she is also a member of this family. “I have to look after this.”   She also requested the insurance companies to publicise their various kinds of products among the people as they sometimes are reluctant to take insurance policy. Responding to a demand from the insurance companies, the PM said that the government will look into the matter that without proper insurance no vehicle will be plying on the roads. “We have to keep a special eye on this matter,” she said. Also read: PM on forex reserves: Better to spend on people's welfare than keep it idle The premier said that since 2009, her government has taken various timely and effective measures to further develop and modernise the insurance industry. She questioned how the third party insurance is still operational in the country as such insurance for cars had already been cancelled in the country. “How the third party car insurance hurts I know it well as I was the victim of it,” she said. Briefly describing various measures for the development of the insurance sector, she said the government has enacted Insurance Act-2010, the Insurance Development and Regulatory Authority Act-2010, Insurance Corporation Act-2019 and the National Insurance Policy-2014. She said her government has been implementing a Bangladesh Insurance Sector Development Project for modernisation of the insurance sector. The PM stressed the need for complete digitisation of the insurance sector and asked all concerned to enhance the capacity of Unified Messaging Platform (UMP) to increase the confidence of the people in this sector. She said that the government has appointed an insurance actuary to ensure the overall development of the insurance industry in the country accordingly. “Insurance companies have increased in the country and we’re implementing several mega projects. Insurance is necessary in every sector,” she said. The prime minister thanked the authorities concerned for introducing health, life and crop insurances. “You people have to go for massive publicity about the good things of insurance as the people of our country largely ignored the system,” she said. The premier, however, asked all to remain cautious so the global economic recession arising from the Covid-19 pandemic, Russia-Ukraine war, sanctions and counter sanctions cannot harm Bangladesh in any way. Detailing her government's efforts in the last 14 years since assuming power in 2009, she said Bangladesh has now become a developing nation and acquired dignity on the global stage. PM Hasina said her Awami League party has restored democracy in the country through struggles. Bangladesh is continuously progressing ahead as the democratic process continues after the Awami League was voted to power in 2008, 2014 and 2018 general elections. She handed over a crest, certificate and three books (The Unfinished Memoirs, the Prison Diaries and New China as I Saw written by Father of the Nation Bangabandhu Sheikh Mujibur Rahman) to the winners of the easy competitions at the school and college level. She also distributed honorary certificates to National Life Insurance and the Popular Life Insurance for the life insurance category while the Green Delta Life Insurance and Sonar Bangla Life Insurance got the award for the non-life insurance category. IDRA Chairman Mohammad Jainul Bair, Bangladesh Insurance Association President Sk Kabir Hossain And Secretary to Financial Institutions Division Sheikh Mohammad Salim Ullah also spoke. A documentary on the insurance sector of the country was screened at the programme. Earlier, she distributed prizes among the easy writting competitions. Bangabandhu Sheikh Mujibur Rahman joined Alpha Insurance Company on March 1, 1960, and took up insurance as a profession. In commemoration of that day, the National Insurance Day is celebrated on March 1 every year.

Chairman of Insurance Development and Regulatory Authority (IDRA) Mohammad Zainul Bari on Monday said around 30 percent of life insurance customers are not getting their claims. He said this while speaking at a press conference on the occasion of National Insurance Day-2023 on March 1. Other members of the IDRA were also present at the press conference. In a written speech Zainul Bari said that in 2022, the gross premiums of the insurance sector stood at Tk 16812 crores. Out of this, the gross premiums of life insurance is Tk 11399 crore and non-life is Tk 5413 crore. During the crisis period, the insurance sector provided greater liquidity to the banking sector of the country. Besides, Tk1305 crores of VAT and taxes have been deposited in the treasury of the government on premiums earned by life and non-life insurance companies during 2022. He said that IDRA is moving forward with a specific plan to achieve the goal of a developed, prosperous, smart Bangladesh by 2041 through the development of the insurance industry. For the development of the insurance sector, the work of the Bangladesh Insurance Development Project has been started with a total cost of Tk 632 crore, including government funding of Tk 118.50 crore and World Bank Tk 513.50 crore. The project has been extended till December 31, 2023. Read more: Meghna Life Insurance premium now through Nagad Referring to different problems in the insurance sector, he said, the main problem of insurance is a lack of awareness and lack of literacy. “We failed to highlight the importance of insurance in front of people. Could not adopt product selection, and policy in keeping with the time. Besides, we have failed to pay insurance claims in time,” he added. Around 30 percent of life insurance claims are not paid. Due to these reasons, people are disappointed and mistrusted with insurance. That leaves people wondering how else to get compensation without insurance. “We have identified these issues, which will be resolved gradually through the development of the insurance sector,” he pointed out. Through this project, the IDRA, Bangladesh Insurance Academy, General Insurance Corporation, and Life Insurance Corporation will be further enhanced in professionalism and technical capacity, IDRA Chairman said.

The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) has said regaining customer trust is a must for the insurance sector to boost its growth. At a meeting of its standing committee on insurance Thursday in the capital, FBCCI President Md Jashim Uddin said: "Insurance is one of the important sectors of the country's economy. However, a big challenge for this sector is a lack of confidence in it." "We have to find a way out of this situation. All the stakeholders of this sector should play an active role to change customers' negative perceptions of it," he added. "Also, we have not been able to use the potential of this sector; there is no alternative to developing a skilled workforce for future growth of the sector," the FBCCI president said. FBCCI Vice-President MA Momen said, "It is very important now to go for the modernisation of the insurance sector as the time has changed." Mohammad Mahfuzul Hoque, secretary general of FBCCI and former managing director of Life Insurance Corporation, said it is important to have actuaries for the development of the insurance sector. "If the sector comes under automation, many of the existing problems will be solved." Read more: Experts for inclusive insurance, risk financing for all

The experts have called upon the government, development partners and private sector to create an enabling environment for inclusive insurance and risk financing, ensuring sustainable development for the country and leaving no one behind. "Validation workshop on Country Diagnostic on Inclusive Insurance and Risk Finance for Bangladesh," was organised Thursday by the Financial Institutions Division (FID), Ministry of Finance (MoF), Insurance Development and Regulatory Authority (IDRA), and the United Nations Development Programme (UNDP). "The protection of people and assets is a key component of sustainable development and Insurance is the protection. Without insurance, achieving sustainable development will never be possible," IDRA Chairman Mohammad Jainul Bari said. He continued that the COVID-19 pandemic was an eye-opener on the need for expanding access to insurance for the underserved population to protect vulnerable communities from disasters. 'To mitigate the risk and bring sustainability, everyone must need to have basic knowledge of inclusive insurance and how it helps in risk financing and the overall economy of Bangladesh," he added. Bangladesh Insurance Association President Sheikh Kabir Hossain said: "We have to run awareness campaigns to build the trust of the people by making them more aware about insurance leading to their inclusion in the safety net." "Building, retaining and supporting progress amongst a diverse workforce will only be sustainable if all members share the same outlook and have transparency. So, government and private stakeholders need to have the same outlook about mitigating risks and bringing everyone under insurance coverage for a much safer environment in Bangladesh. BIA will play a vital role and act as a bridge among the stakeholders," Hossain said.    "The findings and recommendations of the country diagnostic have provided us a clear direction for creating an enabling environment for mainstreaming inclusive insurance and risk financing in the country," UNDP Deputy Resident Representative Van Nguyen said. Pointing out that UNDP's work with the government has been rewarding, Van continued, "We are committed to continuing our support to strengthen the legislative frameworks, institutional capacity and insurance industry for enhancing the resilience of the most vulnerable communities and achieving Sustainable Development Goals (SDGs) in Bangladesh." Read more: Insurance companies’ assets grew 4-fold in 12 years: Finance Minister Bangladesh is vulnerable to climate change due to its low-lying delta ecosystem that exposes the country to several disasters such as flash floods, monsoon floods, cyclones, storm surges, salinity intrusion, drought and unpredictable rainfall. The government is keen to explore the insurance industry to consider it as a risk transfer mechanism. UNDP has conducted a country diagnostic that has assessed the risks and vulnerability in Bangladesh, considering the existing enabling environment and financial instruments. The diagnostic study has highlighted challenges, opportunities, and areas where UNDP can, together with partners, provide the necessary support for the government and private stakeholders to improve the enabling environment for inclusive insurance and risk financing. Read more: Govt mulling introduction of ‘national social safety insurance’  

The government is keen to introduce a national social insurance scheme in Bangladesh in phases with an aim to enhance social safety of the factory workers and common people, according to an official document.Officials with knowledge of the process say a study has already been conducted on this prospective scheme, initiated by the Cabinet Division, by laying emphasis on the gradual introduction of four types of social insurance services in the country. It envisages unemployment insurance, maternity insurance, sickness insurance and employment injury Insurance, which is focused on the country’s factory workers, according to a document obtained by UNB. The Ministry of Labour and Employment has already taken steps to launch a pilot of the employment injury scheme to protect factory workers from injuries. Read more: Proposed budget’s social safety allocation not enough, speakers say at CPD dialogueOfficials involved with the process say that ensuring workers’ safety in line with the global standard is crucial as human rights organisations and workers’ rights groups are more vocal than ever about workplace safety and workers’ rights at home and abroad. Global brands, especially in the garment sector, are concerned about compliance when it comes to workers’ welfare.

Mobile financial services (MFS) provider Nagad has teamed up with MetLife to provide its employees with the financial protection of insurance. Nagad employees and their dependents (spouse and children) will be financially protected against accidents, disability, medical emergencies and loss of life. The MFS has taken into consideration MetLife's customised solutions, online claims settlement service, faster payment of insurance claims and financial strength. In Bangladesh, MetLife provides insurance protection to over 270,000 employees and their dependents of more than 800 organisations, according to a media statement. Read: Banglalink introduces monetisation on Toffee An agreement signing ceremony was held recently between Nagad and MetLife. "Because of our employees' efforts, we can successfully serve over 6 crore customers. We want to make sure that our employees remain protected against life's uncertainties and that's why we have partnered with MetLife," Rahel Ahmed, chief executive officer of Nagad, said. "MetLife's strong employee insurance solutions allow organisations to select insurance solutions based on their unique needs. We are glad to welcome the Nagad family to our growing number of corporate clients who want the best financial protection for their employees," Ala Ahmad, chief executive officer of MetLife, said.

MetLife Bangladesh has launched a new all-in-one solution which offers life insurance benefits and financial protection for accidents, serious illnesses, hospital admission and disability from a single insurance policy. Under MetLife Depositor's Protection Scheme (MDPS), customers can receive a wide range of financial protection against many unforeseen events from one dedicated policy. They can also receive investment benefits (tax rebate) and maturity value at the end of the policy tenure. Read: MetLife launches insurance industry's 1st paperless agent recruitment process MDPS allows customers to customise their financial benefits according to their needs and plans. Subject to their preference, they will also be able to enjoy health features of the MetLife 360Health mobile app for free, and up to 40 percent discount on discounts on various medical and diagnostic services from a wide range of hospitals, clinics, and diagnostic centres, according to a media statement. MetLife Bangladesh Chief Executive Officer Ala Ahmad said: "MDPS has been designed to offer comprehensive financial protection against life's different needs. We believe customers will be able to enjoy a secured, worry-free life with MDPS' all-in-one benefits." Read Nagad partners with MetLife for employee insurance

Finance Minister AHM Mustafa Kamal on Tuesday said assets held by the country’s insurance companies have quadrupled to Tk 60,000 crore during the period 2009 to 2021. However,he said the assets held by the industry are still very small in relation to the economy of Bangladesh. Kamal sees a lot of potential to grow the assets of insurance companies in the country. In this case, there is an opportunity to introduce various types of insurance including residents/houses, car, rail, bus, passenger/ traveler.  “We have to pay attention to these so that all people and resources must be covered by insurance,” he added. READ: Finance minister unveiled the publication on 50 years of economic development in Bangladesh The Finance Minister made the remarks while addressing the inauguration ceremony of National Insurance Day (NID)-2022 at Bangabandhu International Conference Center (BICC) in the capital on Tuesday. Prime Minister Sheikh Hasina joined the occasion virtually as the chief guest. Before the inauguration of Insurance Day, Bangabandhu Suraksha Bima was introduced for persons with disabilities. Bangabandhu Suraksha Bima was inaugurated by handing over the policy to Ishan Azan and Rimi. Insurance Development and Regulatory Authority (IDRA) organized the inaugural ceremony on the occasion of Insurance Day. The National Insurance Day is being celebrated all over the country under the theme 'If we are protected by insurance, we will move forward together'.

Prime Minister Sheikh Hasina on Tuesday urged insurance companies to take initiatives to increase public awareness about the benefits of having insurance policies. "There’s a lack of awareness among people about the facilities of insurance. I hope that those who are involved in the insurance sector will take initiatives so that awareness among people could be increased," she said. She said this while inaugurating the National Insurance Day at Bangabandhu International Conference Center (BICC). She joined the programme virtually from her official residence Ganobhaban. The finance ministry and the Insurance Development and Regulatory Authority (IDRA) jointly organised the function.  Hasina said that the insurance sector has to be digitised fully and put under automation for the convenience of the policy holders. Also read: Let new generations learn about national heroes, says PM “If the paying of premium can be done digitally or through online system everyone will be interested. Technology should be incorporated in the insurance sector and there should be massive publicity about it,” she said. She said that people have to be encouraged for insurance and policy holders have to get highest priority in this sector. The PM put emphasis on building more confidence in the insurance sector. “New techniques have to be applied to make people interested regarding insurance,” she said. She mentioned that if people could get the service of insurance within their reach they would feel interested and their lives would be secured. Also read: Bangladesh keen to increase engagement with ASEAN: PM “For that insurance companies of public and private sectors have to work together,” she said. The prime minister underlined the need for appropriate settlement of insurance claims and said the people concerned have to remain alert about the false claiming of insurance money. "There were some instances of claiming excessive money against the actual losses from the insurance companies…you must remain alert regarding this," she said. She, however, called for quick settlement of the insurance claims without any hassle to the policy holders. “Policy holders' claims have to be settled quickly and easily,” she said. Talking about the development of the insurance sector, she said the government would send some people to get academic degrees from abroad in actuary. The government will pay for their studies but they have to return to the country on completion of their studies and work, she added. An actuary calculates the risk factors of clients by analysing their age, sex, occupation and heath condition and the insurance company sets premiums for customers based upon the risk factors. Describing insurance as “deposit” of the subscribers, she stressed the need for ensuring their premium in an appropriate manner using modern technology and reach the amount to them maintaining due process. The prime minister said, her government already announced steps to introduce Universal Pension Schemes for all citizens. She said that the government has been working with a farsighted plan to protect lives of the people and  improve their living standard.  Hasina recalled the involvement of Father of the Nation Bangabandhu Sheikh Mujibur Rahman in the insurance sector. She said Bangabandhu had worked in the insurance industry alongside doing politics to meet his family expenses. “During his job in Alpha Insurance company the father of the nation had formulated the historic Six Point Demands that led the country towards its independence,” she said. After independence, Bangabandhu enacted necessary laws and formed institutional bodies to make the insurance industry more vibrant, she said. Finance Minister AHM Mustafa Kamal presided over the event virtually while Secretary of Financial Institutions Division, Ministry of Finance, Sheikh Mohammad Salim Ullah gave the welcome address. Chairman of the IDRA Dr. M. Mosharraf Hossain and Bangladesh Insurance Association (BIA) President Sheikh Kabir Hossain, also spoke on the occasion. On behalf of the PM, Secretary of Financial Institutions Division, Ministry of Finance, Sheikh Mohammad Salim Ullah handed over  “Bima Padak” to five persons for their outstanding contribution to the insurance sectors and “Bangabandhu Surokhya Bima Policy” to two differently able children. Former lawmakers and insurance personalities Mokbul Hossain and Mostafizur Rahman have been awarded posthumously with lifetime achievement for their significant contribution to the development of the insurance sector.     Insurance personalities, Sheikh Kabir Hossain and Nasir Uddin Ahmed Chowdhury were awarded for their special contribution to the development of the insurance sector. Former secretary of the government Nazrul Islam Khan was also awarded for his contribution to make a documentary on insurance sector and Bangabandhu’s contribution for development of the sector. A video documentary on the insurance sector was screened at the ceremony. On 1 March, 1960, Father of the nation Bangabandhu Sheikh Mujibur Rahman started working at then-Alpha Insurance Company. Therefore, the government has decided to celebrate March 1 as the National Insurance Day.  

Tech-focused logistics company eCourier and insurance aggregator Carnival Assure have brought parcels under insurance coverage for delivery across the country in pickup service. Customers can get insurance coverage when booking parcels in the "person to person" category for delivery service, the company said Saturday. Sena Kalyan Insurance Company will provide the insurance and Carnival Assure aggregates the service. Read: Bellwether Bangladesh banks on supply chain resilience to beckon businesses A tri-party agreement was signed recently to develop the innovative service. Sena Kalyan Insurance Chief Executive Officer Brigadier General Shafique Shamim (retd), Mohiuddin Rasti Morshed, director of Carnival Assure and Dotlines Group, and eCourier Chief Executive Officer Biplob Ghosh Rahul were present. The insurance coverage will continue till the parcel is delivered from the customer's home to the recipient. Read: How to Open a Super Shop Business in Bangladesh? Biplob said: "eCourier is working to bring the best services and logistics solutions to the customers. I hope that the inclusion of insurance will strengthen our position in the market by gaining customers' trust."