IDRA instructs insurers to launch campaign on insurance benefits

The Insurance Development and Regulatory Authority (IDRA) has directed the country’s 35 life and 46 non-life insurance companies to launch a massive campaign to create awareness about the financial and other benefits of insurance.

The instruction to carry out the insurance campaign was made in a letter signed by IDRA member Moinul Islam, and sent to the chief executives of all insurance companies on Sunday, says a press release.

The letter instructed the insurance companies to carry out the campaign through advertisements on radio, television, newspapers, and social media regularly, to make the public aware of the basic concepts and the benefits of insurance.

The letter said every insurer should prepare brochures, booklets, and e-newsletters in simple language for the general public about its plans to increase public awareness about insurance.

At the same time, online and offline promotion measures have to be taken mentioning the process of insurance claim settlement in brochures, booklets, and advertising publications. Every insurer shall mandatorily spend all the money allocated for promotion and advertisement to create public awareness about insurance benefits. The funds of this sector cannot be used for any other purposes, the letter instructed.

The letter also said that all insurers will have to submit a report to IDRA in the first week of every month with proof of insurance awareness activities undertaken.