• Friday, Apr 16, 2021
  • Last Update : 11:23 pm

PM: Raise awareness about benefits of insurance

  • Published at 03:00 pm March 1st, 2021
Prime Minister Sheikh Hasina
File photo of Prime Minister Sheikh Hasina Focus Bangla

The National Insurance Day is being celebrated on Monday with the theme ‘Mujib Borsher Ongikar, Bima Hok Sobar’

Prime Minister Sheikh Hasina on Monday urged insurance companies to take initiatives to raise awareness about the benefits of opening insurance policies.

"There is a lack of awareness among the people about insurance facilities. I hope those who are involved in the insurance sector will take initiatives to raise awareness," she said.

The prime minister made the remarks while addressing an event to mark National Insurance Day 2021 at Bangabandhu International Conference Center (BICC). She joined the program virtual from her official residence, Ganabhaban.

The theme of this year's National Insurance Day is “Mujib Borsher Ongikar, Bima Hok Sobar.”

Sheikh Hasina said if awareness can be raised then the people would open various types of insurance policies. "For this, widespread publicity is urgently needed."

Sheikh Hasina also said there should be significant health insurance facilities in the country as people have not been very aware of such insurance activities till now.

"Once the coronavirus pandemic is over, I think people will be more aware of insurance,” she added.

The prime minister put emphasis on building confidence in the insurance sector through increased implementation of the steps taken by the Insurance Development and Regulatory Authority (IDRA).

She said the importance of insurance will increase with the expansion and strengthening of the country's economy.

The prime minister underlined the need for appropriate settlement of insurance claims and said the people concerned have to remain alert about false insurance claims.

"There were some instances of claiming excessive money compared to the actual losses from the insurance companies…you must remain alert regarding this," she said.

Talking about the development of the insurance sector, she said the government would send some people to get academic degrees from abroad in actuary. The government will pay for their studies, but they must return to the country on completion of their studies and work.

"Five people have been selected for this and they will return and work for the development of the insurance sector," she said.

An actuary calculates the risk factors of clients by analysing their age, sex, occupation and heath condition, and insurance companies set premiums for customers based upon the risk factors.

Sheikh Hasina highlighted the involvement of Father of the Nation Bangabandhu Sheikh Mujibur Rahman in the insurance sector. She said Bangabandhu worked in the insurance industry alongside politics to meet his livelihood expenses.

After independence, Bangabandhu enacted necessary laws and formed institutional bodies to make the insurance industry more vibrant, she said.

Sheikh Hasina also elaborated on the government’s initiatives for the development of the insurance industry and said the Insurance Act 2010 was formulated in place of the old law of 1938, while the National Insurance Policy 2014 was also formulated.

Besides, the government constituted the Insurance Development and Regulatory Authority in 2010 to give the industry an institutional shape, she added.

Referring to a Tk632-crore project for the development of the country’s insurance sector, she mentioned the government in collaboration with the World Bank is implementing it to bring all insurance companies under the automation system.

Finance Minister AHM Mustafa Kamal, Bangladesh Insurance Association president Sheikh Kabir Hossain and senior secretary of Financial Institutions Division of Finance Ministry Mohammad Asadul Islam also spoke at the program.

Earlier, the finance minister, on behalf of the prime minister, distributed Bima Padak among the recipients for their contributions to the insurance sector and Bangabandhu Education Insurance Certificates among the students.

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