About 14 life insurance companies settled only 14.09% of the 24,605 complaints they received in the first 10 months this year, according to official figures.
Of them, 95% were related to non-settlement of claims despite policies reaching maturity, said an official of the Insurance Development and Regulatory Authority (Idra).
The remaining complaints were linked to management issues, violation of rules in appointing top officials and bad investments, among others.
Policyholders filed the complaints against 14 life insurance companies, which settled 3,467 claims between January and October.
The insurers are Sunlife Insurance, Homeland Life Insurance, Progressive Life Insurance, Fareast Islami Life, Prime Islami Life Insurance, Golden Life Insurance, Baira Life Insurance, Padma Islami Life Insurance, Sunflower Life Insurance, Popular Life Insurance, National Life Insurance, Swadesh Islami Life Insurance, and MetLife Bangladesh.
There are 35 life insurance and 46 non-life insurance companies in Bangladesh.
The piling up of complaints come as several life insurance companies are struggling to settle claims due to a lack of liquidity resulting from bad investments and fund embezzlement.
Of the insurers, the highest number of complaints, at 9,336, was filed against Sunlife. In contrast, the lowest number of claims, just one, was lodged against Trust Islami Life, according to the data of the Idra.
Sunlife settled 14% of the complaints.
The second-highest number of complaints was filed against Homeland Life Insurance.
It settled 15% of the 4,093 complaints made.
Recently, the insurance regulator gave Homeland Life Insurance the approval to withdraw Tk10 crore from its fixed deposits.
Progressive Life Insurance, which attracted the third-highest number of complaints, resolved 7% of the 3,386 complaints filed.
The fourth-highest number of complaints, at 2,058, was filed against Fareast Islami Life, which settled 2% of them.
