Economic Reporter :
The first-ever Insurance Fair in Bangladesh kicked off on Wednesday with an aim to make people aware about insurance benefits and get more access to the clients.
Finance Minister Abul Maal Abdul Muhith addressed the inaugural ceremony of the 3-day fair at the Bangabandhu International Conference Center (BICC) in the city. IDRA chairman M Shefaque Ahmed presided over the function.
The Insurance Regulatory and Development Authority (IDRA) organised the down to dusk event where 50 organisations both from public and private insurance companies took part.
Besides, insurance training institutions and insurance related service providing organisations also participated in the fair.
Finance minister in his speech said the country’s insurance sector lacks ethics as people get nothing taking insurance policy in some cases.
“The insurance sector has developed without regulation in the country. It was a sector based on private initiatives. This is why the insurance sector lacks ethics to a large extent. In some cases, people get nothing in return of taking insurance policy,” he said.
He, however, also said the IDRA has reformed the insurance sector and is now concentrating on removing anomalies from the industry.
The Finance Minister said the insurance industry is a growing sector and is also the second largest manpower in the country after readymade garment sector.
“In course of time, insurance has now become almost indispensable especially in business and trade,” the minister said.
State minister for finance and planning MA Mannan, bank and financial institutions division secretary Md Eunusur Rahman, president of Bangladesh Insurance Association Sheikh Kabir Hossain and president of Bangladesh Insurance Forum BM Yousuf Ali spoke on the occasion among others.
Shefaque Ahmed said the insurance companies settled claims of nearly TK 30 billion crore in 2015, while Tk 21.10 billion in 2014 and Tk 15.64 billion in 2013.
“The objectives of the fair include raising public awareness about insurance products and services, promoting insurance sector, its products and services, presenting the insurance companies as service providers before the customers, ensuring broadened financial inclusion, bringing the youth under insurance services and extending the insurance services and products to the people’s door steps,” he said.
Different services including life insurance and non-life insurance, pension scheme of the insurance companies, insurance training, insurance claim cheque handover, job opportunities on insurance sector and various publications showcased at the fair.
On the sidelines of the fair, seminars, raffle draw and cultural programmes will be every day.
The first-ever Insurance Fair in Bangladesh kicked off on Wednesday with an aim to make people aware about insurance benefits and get more access to the clients.
Finance Minister Abul Maal Abdul Muhith addressed the inaugural ceremony of the 3-day fair at the Bangabandhu International Conference Center (BICC) in the city. IDRA chairman M Shefaque Ahmed presided over the function.
The Insurance Regulatory and Development Authority (IDRA) organised the down to dusk event where 50 organisations both from public and private insurance companies took part.
Besides, insurance training institutions and insurance related service providing organisations also participated in the fair.
Finance minister in his speech said the country’s insurance sector lacks ethics as people get nothing taking insurance policy in some cases.
“The insurance sector has developed without regulation in the country. It was a sector based on private initiatives. This is why the insurance sector lacks ethics to a large extent. In some cases, people get nothing in return of taking insurance policy,” he said.
He, however, also said the IDRA has reformed the insurance sector and is now concentrating on removing anomalies from the industry.
The Finance Minister said the insurance industry is a growing sector and is also the second largest manpower in the country after readymade garment sector.
“In course of time, insurance has now become almost indispensable especially in business and trade,” the minister said.
State minister for finance and planning MA Mannan, bank and financial institutions division secretary Md Eunusur Rahman, president of Bangladesh Insurance Association Sheikh Kabir Hossain and president of Bangladesh Insurance Forum BM Yousuf Ali spoke on the occasion among others.
Shefaque Ahmed said the insurance companies settled claims of nearly TK 30 billion crore in 2015, while Tk 21.10 billion in 2014 and Tk 15.64 billion in 2013.
“The objectives of the fair include raising public awareness about insurance products and services, promoting insurance sector, its products and services, presenting the insurance companies as service providers before the customers, ensuring broadened financial inclusion, bringing the youth under insurance services and extending the insurance services and products to the people’s door steps,” he said.
Different services including life insurance and non-life insurance, pension scheme of the insurance companies, insurance training, insurance claim cheque handover, job opportunities on insurance sector and various publications showcased at the fair.
On the sidelines of the fair, seminars, raffle draw and cultural programmes will be every day.
