Life Insurance Policies Dropped as Economic Woes Deepen

IDRA has mandated that no one can use the CEO title in any insurance company without prior approval. Additionally, CEO appointments on a current charge basis are prohibited. Until IDRA approves a CEO, an additional managing director may serve as "CEO (in-charge)."

Bangladesh’s insurance sector faces a confidence crisis due to corruption, liquidity shortages, and weak regulation, with unsettled life insurance claims rising 66% in five years and insurance penetration at just 0.5%.

Chartered Life Insurance Company Limited, listed on the stock market, received a long-term credit rating of "AA-" and a short-term rating of "ST-2" from Alpha Credit Rating PLC, based on audited financial data as of December 31, 2023.

Guardian Life Insurance Limited and Reliance Insurance Limited have formed a strategic partnership to provide comprehensive life and general insurance services in Bangladesh. CEOs Sheikh Rakibul Karim of Guardian Life and Md Khaled Mamun of Reliance Insurance recently signed a Memorandum of Understanding (MoU).

Unsettled insurance claims worth Tk 62.15 billion have accumulated with companies in Bangladesh, prompting government instructions for the Insurance Development and Regulatory Authority (IDRA) to expedite claim settlements.