The prime minister asks the insurance companies to play a more effective role in keeping the production as well as the economy free from any risk
Prime Minister Sheikh Hasina has urged insurance companies to give special attention to their social responsibilities instead of gluing their eyes on profit.
She made this remark while inaugurating the three-day 15th International Conference on Inclusive Insurance called "Coping with Climate Risk," held at Dhaka's Pan Pacific Sonargaon Hotel on Tuesday.
Bangladesh Insurance Association (BIA) and the Munich Re Foundation in cooperation with the Microinsurance Network organized the conference, reports UNB.
The prime minister said the insurance industry is needed to work for the welfare of humankind.
She asked the insurance companies to play a more effective role in keeping the production as well as the economy free from any risk. "We think life insurance can be utilized in facing natural calamities," she added.
In Bangladesh, the use of life insurance in facing losses from natural disasters is very insignificant, Sheikh Hasina said, expressing hope that those involved in the insurance sector will play their due role so that people living in the vulnerable areas could live a normal life.
She furthered that the government is constructing houses and cyclone shelters in the areas that are prone to natural calamities.
"If the insurance companies come forward and stand by the people, I think the people of Bangladesh will be pulled out from poverty.
"Also, Bangladesh will be able to step towards overall development faster, and we are giving special attention to this," Prime Minister Sheikh Hasina said.
Briefly describing the government’s various programs for the insurance sector's development, Sheikh Hasina said the non-listed 27 insurance companies have been given time until December to get enlisted in the capital market.
Finance Minister AHM Mustafa Kamal, Financial Institutions Division Senior Secretary Ashadul Islam, Chairman of Insurance Development and Regulatory Authority Shafiqur Rahman Patwari, Microinsurance Network Chairman Doubell Chamberlain, Chairman of Munich Re Foundation Thomas Loster, and BIA First Vice-president Prof Rubina Hamid also spoke at the opening ceremony with BIA President Sheikh Kabir Hossain in the chair.
At the conference, around 450 experts from around the world are set to discuss, and identify the ways of accelerating growth and economic viability in inclusive insurance for emerging markets.