The country’s life insurance sector is on the path of overall development. Presently 33 national and foreign life insurance companies including nationalized life insurance corporations are working in this sector.
Under the current leadership of the Insurance Development and Control Authority IDRA there has been some development in this sector.
Now often open newspapers or television life insurance companies have settled the claim. That was not seen before. Bangladesh Insurance Association BIA President Sheikh Kabir Hossain gave this idea about the country’s life insurance sector.
He said The biggest problem in life insurance sector is that the insurance companies do not pay the claim. This one thing is common in the market. But this IDRA is trying to overcome it and some of our insurance companies are working with them.
Kabir Hossain also said Many local people in small village insure the small village inspection.
to 30 thousand taka. When these insurance expires it is also possible that their claims are paid by check through checks. But many people in the village can not redeem the check because there is no bank account.
It’s the previous governor. When he met Atiur Rahman he arranged to open bank accounts very easily.
Borrowers gave the opportunity to open bank accounts by depositing only 100 taka. Now this problem is no longer there.
With the ‘Life Fund’ of life insurance in the biggest countries of the world they implement large government projects. Such as a power station, flyover. I’ve heard that they flyover with insurance money in the United States.
In our country, the life fund’s funds fall. The president of the BIA said, “The money we get from the insurance company is not coming to any kind of work.
We said that the Padma bridge will give us the money from the life fund. I think the use of this money will slow down money. Because the money remains idle.
The government can make use of this lazy money. Can be able to utilize the country’s development. Apart from this, for the implementation of big projects, loans from abroad have to be done. In this case, if you can borrow money from life fund.
Some companies started to be online-based. A large insurance company digital system is going to be launched soon. Slowly many companies are moving in this way. Sheikh Kabir Hossain thinks it will be very good. Because the insurance companies can submit premiums if they sit at home.
know about the insurance policy there are many benefits. If everything is done in the house then people do not have to run.
Sheikh Kabir Hossain establ ished Sonarbala Insurance Company in 2001 with some entrepreneurs. He said Father of the Nation Bangabandhu Sheikh Mujibur Rahman used to work in an insurance company.
The company’s name was Alpha Insurance Company. Now the name of that road was named Jinnah Avenue at that time, Bangabandhu Avenue. Bangabandhu used to sit in an office there.
I do not remember sitting on some floor, but Gholam Mostafa brothers also used to sit there. I have been there several times.
Bangabandhu was an insurance personality after being the President of the BIA, I did an international standard seminar where Bangabandhu Sheikh Mujibur Rahman invited Prime Minister Sheikh Hasina.
It was at that time that the Prime Minister of any country came to an event in the insurance company. This sector was really neglected. There is no doubt about it. Nobody looked at this sector.
After the current Prime Minister Sheikh Hasina came to power insisted on the insurance sector. There was a lot of work, including the IDRA formulation, insurance law. Then I said we were proud though we were neglected. Because Father of the Nation Bangabandhu Sheikh Mujibur Rahman was involved in this sector.
He thought insurance was very important.
I think the country’s economy is as strong as the economy of that country is strong. Insurance bonds are very popular in the developed countries of the world. There is no such insurance bond in our country.
But in many countries insurance bonds are stronger than bonds. It will also be done in our country. If this happens then the country will be in development..