Use insurance industry for welfare: PM

Use insurance industry for humanitarian welfare: PM

Prime Minister Sheikh Hasina yesterday urged the insurance companies to utilise the industry for humanitarian welfare and said a Unified Messaging Platform (UMP) would be introduced to protect the customers from insurance frauds.

“I hope you [insurance companies] will use the insurance industry for humanitarian welfare and play a more effective role in keeping production and economy out of risk,” she said.

The PM came up with the remarks while addressing as the chief guest of 15th International Conference on Inclusive Insurance at Pan Pacific Sonargaon Hotel.

Bangladesh Insurance Association has arranged the three-day conference in association with Munich Re Foundation and Microinsurance Network with the theme “Coping With Climate Risk”.

Sheikh Hasina described inadequacy of information as a major problem for insurance customers.

Putting emphasis on introduction of micro insurance schemes to tackle climate change risk, she said it will greatly benefit lower income group people affected due to natural calamities.

The PM said a directive has been issued to bring transparency in transactions in the insurance industry.

“All transactions above Tk 10 thousand must be performed through a bank. All insurance companies have been instructed to show their updated insurance claims on their own website,” she said.

Hasina said being the largest Delta in the world, Bangladesh is one of the most vulnerable nations to climate change. 

“Insurance can play an effective role in tackling the natural disasters. But application of insurance is very limited and inadequate in covering the risks resulting from natural disaster,” she said.

An insurance policy for the workers working abroad has been introduced, the PM said. 

Pointing out that the settlement of insurance claim has been a problem for the insurance industry, Hasina said initiatives have been taken to resolve the issue and safeguard the interests of consumers.

She also said initiatives have been taken to insure building insurance to ensure the financial security of the risks arising from the fire in the buildings.

“The deadline is set by December 2019 to enlist 27 insurance companies that are not yet listed in the capital market,” she said.

The “Bangabandhu Education Insurance” is underway so that school-going students can continue their education in absence of their parents.