Desk Report,
More than half of the country’s insurance companies are now at risk: IDRA
More than half of the country’s 82 insurance companies are at risk. Including life insurance and general insurance, 32 companies are at high risk. And 15 life insurance companies are at medium risk.
More than half of the country’s insurance companies are now at risk: IDRA
This information was given by the chairman of the insurance development and regulatory authority (IDRA) at a press conference held at the agency’s office in Dilkusha, Dhaka on Wednesday. Four members of the agency, Md. Fazlul Haque, Md. Abu Bakar Siddique, Apel Mahmud, Tanzina Ismail, along with executive directors and directors, were present at the time.
At the press conference, Aslam Alam said that one of the goals of the July movement is reform. The time has come to celebrate the anniversary of the movement. This press conference has been organized to inform how much and what IDRA has done for reform during this period. At the beginning of the press conference, Aslam Alam said that the country’s insurance sector is in crisis. 13 lakh customers are waiting for insurance claims of Tk 4,414 crore. Policy claims are outstanding at 45 percent in life insurance companies and 46 percent in general insurance companies.
Aslam Alam identified non-payment of insurance claims as one of the problems in the insurance sector. He said that people’s distrust in this sector has increased due to non-payment of insurance claims on time. Trust will not increase without transparency and accountability.
It was informed at the press conference that there are a total of 36 life insurance companies in the country. And there are 46 general insurance companies. Among the life insurance companies, 15 are at high risk and 15 are at medium risk, but the remaining 6 are at a stable level. However, the problems of the medium-risk companies can be resolved. Meanwhile, 17 general insurance companies are at high risk. Information on companies at risk has been extracted through a review of the companies’ business, assets, and some internal criteria of IDRA. Although risks were mentioned, no company was named at the press conference.
