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IDRA Directs Non-Life Insurers to Launch New Schemes

Industry: Financial, Insurance

The Insurance Development and Regulatory Authority (IDRA) in Bangladesh has instructed non-life insurance companies to introduce new insurance schemes that cover financial losses resulting from motor vehicle accidents. With approximately 6 million registered motor vehicles operating in the country, including motorcycles, insurance companies have been directed to develop comprehensive plans addressing different risks associated with accidents.

The IDRA believes that the introduction and promotion of such insurance schemes will increase the penetration of the insurance sector in the country’s gross domestic revenue (GDP). Currently, there are 46 non-life insurance companies in Bangladesh. The existing motor insurance category previously included third-party insurance, which was made mandatory by law but did not adequately cover third-party injuries or property damage. Although an initiative to restore the policy was undertaken, it was not implemented. The IDRA is now exploring ways to reintroduce and make third-party insurance mandatory, considering the importance of compensating victims involved in accidents.

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