General insurance firms’ profit falls as marine, fire policies drop

The interim government has not pursued significant reforms in the insurance sector

IDRA has instructed insurers to keep an equivalent ‍amount of paid-up capital as deposits at banks under the company’s name without liability

The number of banks, insurance companies, brokerage firms, and merchant banks is much higher in Bangladesh than in many other countries at a similar level of development or having a similar size of population and economy.

The claim settlement ratio of non-life insurance companies in Bangladesh slipped in 2022 due a liquidity crisis, reduced investment and lower returns on investment, according to industry people.

The claim settlement ratio of life insurance companies in Bangladesh plunged to its lowest level at least in a decade in 2021 as their capacity to pay out has been reduced by bad investment, excessive costs and business slowdown caused by the coronavirus pandemic.