Regulators yesterday asked insurers to seriously work on improving the image of the sector.
Bangladesh Insurance Association (BIA), a platform of insurance directors, must work closely with the Insurance Development and Regulatory Authority to develop the sector, said Fazlul Karim, acting chairman of IDRA.
Karim held his first meeting with the insurers yesterday after taking charge as the acting boss of IDRA last week, after Shefaque Ahmed, chairman of IDRA, retired from his three-year job in January.
The insurance industry is beset with severe problems, such as indiscipline and image crisis, which need to be addressed, Karim said. “Unhealthy competition between the insurance companies is another problem of the industry.”
Sheikh Kabir Hossain, president of BIA, and other office bearers also spoke.