Work is underway on a project called ‘Development of Insurance Sector in Bangladesh’. The project will cost Tk 632 crore. The implementation of the project will strengthen the institutional capacity of the Insurance Development and Regulatory Authority and state-owned insurance corporations. At the same time, Prime Minister Sheikh Hasina has said that insurance coverage in Bangladesh will be increased by ensuring transparency and accountability.

He made the remarks in a message on the occasion of National Insurance Day on Monday (March 1).

The Prime Minister said if this is implemented, the capacity of the country’s insurance sector will further increase. I am happy to know that National Insurance Day is being observed on March 1, which is associated with the memory of the greatest Bengali of all time, Father of the Nation Bangabandhu Sheikh Mujibur Rahman joining the insurance profession. I think the promise of Mujibvarsha, the theme of Insurance Day on the birth centenary of the Father of the Nation, has been fulfilled.

He said that considering the importance of insurance and its contribution to the national economy, Bangabandhu’s government issued Bangladesh Insurance (Nationalization) Order-1972 in 1972 with the aim of developing the insurance industry with more priority after independence by nationalizing 49 domestic and foreign insurance companies Surma, Rupsha, Teesta and Karnafuli formed four insurance corporations. At the same time he formed the National Insurance Corporation to control these four institutions. Later, in a short period of time, the Insurance Corporation Act-1973 was enacted for the development of the insurance industry of the country
and these four corporations were disbanded and formed two separate insurance corporations called ‘Life Insurance Corporation’ and ‘General Insurance Corporation’. These two corporations are still providing insurance services to the people of the country by conducting insurance business in the country. Established the Department of Insurance under the Ministry of Commerce to control insurance companies.

He further said that following the path shown by the father of the nation in the development of insurance industry, the Awami League government has been implementing various reform activities since 2009 with the aim of conveying the importance and benefits of insurance to the people. The old Insurance Act-1936 was repealed and the Insurance Department Development and Regulation Authority Act-2010 was enacted and the then Insurance Department was abolished and the
Insurance Development and Regulation Authority was formed.

Our government has taken timely steps to develop the insurance sector through the implementation of the National Insurance Policy-2014. Expatriate worker insurance for expatriate Bangladeshi workers, a limited range of weather index based crop insurance has been introduced in the Haor area to cover losses from floods and natural disasters.

“Let the good news of insurance reach all the citizens of the country on this auspicious day commemorating the birth centenary of the Father of the Nation, and let all the people and assets of the country come under insurance service – in this hope, I wish overall success on National Insurance Day.”

Finance Minister AHM Mostafa Kamal presided over the function while Insurance Association President Sheikh Kabir Hossain and Finance Senior Secretary Asadul Islam spoke on the occasion.

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