Idra awards insurance excellence

The Insurance Development and Regulatory Authority (Idra) organised the IDRA Insurance Excellence Award 2025 ceremony at the Pan Pacific Sonargaon Dhaka last week to recognise excellence in ethics, transparency and good governance in Bangladesh’s insurance sector, with the aim of strengthening public confidence in the industry.

Anisuzzaman Chowdhury, special assistant to the Chief Adviser, attended the programme as the chief guest, according to a press release.

In his address, Chowdhury said the insurance sector in Bangladesh is undergoing rapid transformation, with digitalisation, technology-driven services, online policy issuance and faster claim settlement gradually bringing the industry closer to global standards.

Nazma Mobarek, secretary of the Financial Institutions Division, was present as the special guest at the event. 

Speaking at the event, Idra Chairman M Aslam Alam said the timely implementation of insurance-related laws is essential to steer the sector towards recovery and sustainable development. He added that digitalisation is now a necessity, as it enhances transparency, accountability and customer trust.

The insurance regulator awarded selected insurance companies in recognition of their outstanding contributions to ethics, transparency and good governance in the sector.

Among non-life insurers, Pragati Insurance PLC secured first place, followed by Sadharan Bima Corporation in second place, Reliance Insurance PLC in third place and Green Delta Insurance PLC in fourth place. Eastland Insurance PLC, Sena Insurance PLC and United Insurance Company Limited jointly secured fifth place.

Among life insurers, MetLife secured first place, followed by Pragati Life Insurance PLC in second place, Delta Life Insurance Company Limited in third place and Jiban Bima Corporation in fourth place. National Life Insurance PLC and Guardian Life Insurance Limited jointly secured fifth place.

Mohammad Ala Uddin Ahmad, chief executive officer of MetLife Bangladesh, said the recognition would further inspire the company to move forward with greater determination.

Adiba Ahmed, first vice-president of the Bangladesh Insurance Association; BM Yousuf Ali, president of the Bangladesh Insurance Forum; Md Fazlul Haque, member (administration) of Idra; BM Yusuf Ali, president of the Bangladesh Insurance Forum; and Md Syed Sehab Ullah Al-Manjur, chief executive officer of Pragati Insurance PLC, among others, were also present.