Five companies in Bangladesh dominate the country’s insurance sector, holding nearly 81% of the life funds, according to data from the Insurance Development and Regulatory Authority (IDRA). MetLife Bangladesh, National Life Insurance Company, Delta Life Insurance Company, Jiban Bima Corporation, and Meghna Life Insurance Company are the top performers in the industry, offering best customer service and timely settlement of claims. The life fund of these companies was Tk 27,650 crore out of the sector’s total of Tk 34,325 crore as of December 2022.
Industry insiders attribute their success to modern policies, new products, and timely settlement of insurance claims. Companies that are not doing well in the sector lack a skilled workforce and do not fulfill their commitments to clients. The life fund earnings have increased gradually over the years, reaching Tk 35,889 crore at the end of 2021, with regulations requiring 30% of life funds to be invested in government treasury bonds annually for risk management.