Bizdata Insights Main Logo

BizData Insights

Life Insurers Granted Entry into Health Insurance Market

Industry: Financial, Insurance

The Insurance Development and Regulatory Authority (IDRA) has issued a circular granting permission to life insurance companies in Bangladesh to offer comprehensive health insurance policies. This move marks the end of the monopoly previously held by non-life insurers in the health insurance market. The circular allows all 81 insurance companies, both life, and non-life, to compete for market share and offer health insurance products. This development is expected to enhance competition, leading to more affordable policies for consumers.

Health insurance has gained popularity, particularly due to the COVID-19 pandemic, with corporate clients being the major customers in Bangladesh. Previously, life insurers could only provide health coverage as supplementary products, known as “riders.” With the new regulation, life insurers can independently design, price, and sell medical insurance policies.

Industry insiders believe that this policy reform will increase coverage and affordability, benefiting both insurers and policyholders. However, the success of the reform depends on strengthening the distribution network, with suggestions for partnerships with banks through bancassurance. While health insurance presents opportunities, insurers face challenges due to high claim frequency and short policy durations, which can result in cash burn for the companies.

Source for more details:

Related News

National Finance Partners with Nagad for Digital Payment Solutions

March 28, 2024

National Finance recently signed a memorandum of understanding (MoU) with Nagad, allowing customers to utilize Nagad's payment services via the Nagad app. The agreement was formalized at Nagad's headquarters in Dhaka, marking a step towards enhanced digital payment accessibility.

bKash and DataSoft Host Seminar on Digital Payments in Microfinance

March 28, 2024

A seminar jointly organized by bKash and DataSoft emphasized the advantages of integrating digital payments within the microfinance sector. Experts highlighted that such integration can lead to time savings, increased productivity, and simplified installment and deposit collection processes.

Social Islami Bank Launches Seven Sub-Branches

March 28, 2024

Social Islami Bank has recently inaugurated seven new sub-branches across five districts in the country. The new locations include Birganj and Fulbari in Dinajpur, Munshibazar and Kulaura in Moulvibazar, Bhaluka in Mymensingh, Nabinagar in Brahmanbaria, and Godagari in Rajshahi.

Islami Bank Holds Shari’ah Supervisory Committee Meeting

March 28, 2024

Islami Bank Bangladesh PLC recently conducted a meeting of its Shari'ah Supervisory Committee through a virtual platform. Chaired by the committee's Chairman, the gathering included key members such as the Vice Chairman, Member Secretary, and the Managing Director & CEO of the bank.

Sinha Securities Fails to Settle Tk8.51 Crore in Customer Account Deficits on Time

March 28, 2024

Sinha Securities Limited, a brokerage firm, has failed to meet the deadline set by the Bangladesh Securities and Exchange Commission (BSEC) to pay all deficits in its consolidated customers' accounts (CCA). Despite a directive from the commission to settle all deficits by March 19, 2024, the firm's CCA deficit amounted to Tk8.51 crore as of March 7, 2024.

City Bank Hits Record Profit of TK 638 Crore

March 28, 2024

City Bank, a pioneer in banking, have defied economic headwinds by posting record profits in 2023. Despite a national economic slowdown, the bank reported a consolidated net profit after tax of Tk638 crore, marking a remarkable 33.5% increase from the previous year. This achievement is credited to the bank's effective business policies and strategies. Despite a 74% drop in foreign

Related News

National Finance Partners with Nagad for Digital Payment Solutions

March 28, 2024

National Finance recently signed a memorandum of understanding (MoU) with Nagad, allowing customers to utilize Nagad's payment services via the Nagad app. The agreement was formalized at Nagad's headquarters in Dhaka, marking a step towards enhanced digital payment accessibility.

bKash and DataSoft Host Seminar on Digital Payments in Microfinance

March 28, 2024

A seminar jointly organized by bKash and DataSoft emphasized the advantages of integrating digital payments within the microfinance sector. Experts highlighted that such integration can lead to time savings, increased productivity, and simplified installment and deposit collection processes.

Social Islami Bank Launches Seven Sub-Branches

March 28, 2024

Social Islami Bank has recently inaugurated seven new sub-branches across five districts in the country. The new locations include Birganj and Fulbari in Dinajpur, Munshibazar and Kulaura in Moulvibazar, Bhaluka in Mymensingh, Nabinagar in Brahmanbaria, and Godagari in Rajshahi.

Islami Bank Holds Shari’ah Supervisory Committee Meeting

March 28, 2024

Islami Bank Bangladesh PLC recently conducted a meeting of its Shari'ah Supervisory Committee through a virtual platform. Chaired by the committee's Chairman, the gathering included key members such as the Vice Chairman, Member Secretary, and the Managing Director & CEO of the bank.

Sinha Securities Fails to Settle Tk8.51 Crore in Customer Account Deficits on Time

March 28, 2024

Sinha Securities Limited, a brokerage firm, has failed to meet the deadline set by the Bangladesh Securities and Exchange Commission (BSEC) to pay all deficits in its consolidated customers' accounts (CCA). Despite a directive from the commission to settle all deficits by March 19, 2024, the firm's CCA deficit amounted to Tk8.51 crore as of March 7, 2024.

City Bank Hits Record Profit of TK 638 Crore

March 28, 2024

City Bank, a pioneer in banking, have defied economic headwinds by posting record profits in 2023. Despite a national economic slowdown, the bank reported a consolidated net profit after tax of Tk638 crore, marking a remarkable 33.5% increase from the previous year. This achievement is credited to the bank's effective business policies and strategies. Despite a 74% drop in foreign

BUSINESSMONITOR

Connect with


Dont Have Account? Please register Here