Lack of discipline holding back insurance sector: Kamal

A lack of discipline and proper implementation of rules and regulation are holding back the country’s insurance sector from growing, Finance Minister AHM Mustafa Kamal said on Thursday.

The domestic insurance sector did not grow to be as strong as it did in other countries with a similar economy, he said while virtually speaking as the chief guest of the inauguration ceremony of a two-day insurance fair in Barishal.

“Rules and regulation are not properly complied in the country’s insurance sector and if it is followed, the sector will grow further and contribute more in the economy,” said the minister. 

The two-day insurance fair is being held at Bangabandhu Udyan. Mohammad Zainul Bari, chairman of the Insurance Development and Regulatory Authority (IDRA) presided over the opening ceremony, where Bangladesh Insurance Association (BIA) President Sheikh Kabir Hossain was present as guest of honour.

Speaking on the occasion, Finance Minister Kamal called for initiatives to introduce an insurance studies programme in University of Barishal.

“When a country moves towards development, insurance becomes very important. Therefore, importance should be given to the expansion of insurance education in the country. We need to educate ourselves about insurance,” he said.

Also speaking at the event, IDRA Chairman Bari said there are only 1.30 crore insurance customers among the 16 crore people of the country.

“To make the country a developed one by 2040, the insurance sector must be developed,” he said.

He also said the government is working to develop the insurance sector. Insurance fairs are being organised to make common people aware about insurance policy and insurance. 

During the event, insurance claim cheques were distributed among insurance customers of different insurance providers. According to IDRA, insurance claim cheques of Tk 109 crore will be paid at this fair.

The fair will run from 10.00am to 9.00pm for two days. Visitors will be able to enter the fair for free.