‘IDRA takes measures to establish professionalism in ins sector’

Chairman of Insurance Development & Regulatory Authority (IDRA) Dr M Mosharraf Hossain said that they took some steps to practice professionalism in insurance sector those will help to overcome image crisis here soon.

“We want to do something here in transparent way. We are trying to resolve our problems and ensure good governance for a sustainable economic sector. The days will come soon when people priotise it as a good financial sector of the country.” he also said.    

He was addressing a seminar titled “Challenges and Opportunities of Insurance Sector in Bangladesh” organized by Bangla Daily Banijjo Protidin at Economic Reporters’ Forum (ERF) auditorium in the city.

Associate Professor of Banking and Insurance Department at Dhaka University Dr Abdullah Al Mahmud presented keynote paper in the seminar.

In the keynote he said the insurance began its journey in 1972 in Bangladesh but the sector didn’t flourish as per expectation yet.

“Now there are 78 Bima companies in the country. Of them, 49 are listed in share market. Our position is 68th in global Bima industry and share 0.02 percent. Besides, our Bima premium around 0.5% relatively GDP while 4% in India, 1.25% in Sri Lanka, and 2.25% in Vietnam,” he informed.

Dr Abdullah suggested overcoming “image crisis” taking proper steps to boost the sector. “Bangladesh would reach 25th global economic country by 2035 so the insurance companies should take proper preparation to contribute here,” he also said.  

Speakers called upon insurance companies to take innovative initiatives to overcome ‘image crisis’ and practise professionalism to boost the sector.

They also urged the companies to stop unethical practice for the sake of boosting the sector in near future as there is huge potential market in Bangladesh.

Chairman of Marketing Department of DU Professor Dr Mizanur Rahman urged the companies to think out of box and settle compensations of clients to create good image of the sector.

Managing Director and CEO of Paragati Life Insurance Limited Md Jalalul Azim said they were suffering severe image crisis due to lack of talented officials alongside hassle and unethical practice.  

President of Bangladesh Merchant Bankers Association (BMBA) Md Sayadur Rahman, Managing Director And CEO of National Life Insurance Company Limited Md Kazim Uddin, Bangladesh Insurance Association President Sheikh Kabir Hossain and Chief faculty Member of Bangladesh Insurance Academy S M Ibarim Hossain were also present there.

Editor Banijjo Protidin AKM Rashed Shahriar was chair while its Chief Reporter Giash Uddin moderated the session.