All buildings must be insured: Kamal | The Daily Star
12:00 AM, September 16, 2019 / LAST MODIFIED: 12:00 AM, September 16, 2019

All buildings must be insured: Kamal

Insurers must get listed within three months or have their licences scrapped

All kinds of structures, including buildings and flats, must be brought under insurance coverage as the government looks to develop the insurance sector in Bangladesh, said Finance Minister AHM Mustafa Kamal yesterday.

The premium rates of the insurance should be competitive so that no extra burden befalls flat owners, Kamal told journalists after a meeting with chairmen and managing directors of insurance companies at the auditorium of the National Economic Council (NEC) in Dhaka. 

The total number of buildings in Dhaka is 204,106, according to Rajdhani Unnayan Kartripakkha.

The officials of the insurance companies who attended the meeting demanded the government bring all kinds of buildings and flats under insurance coverage.

The minister assured them that their demands would be implemented gradually. 

“In the developed countries not only flats and buildings but also pets are covered under insurance. People must come under insurance coverage for accidents for sustainable development of the insurance sector.”

Kamal also said the shortage of skilled manpower in the sector would be met through the awarding of scholarships to students.

He also demanded all insurers get listed with the stock market within the next three months, saying that otherwise their licence would be suspended.

“Nevertheless, if any company still fails to get listed with the stock market, their licences would be scrapped permanently,” he added.

The entrepreneurs in the insurance sector agreed to get listed within the timeframe, according to a statement from the finance ministry.

Meanwhile, some insurance companies will be allowed to merge with others, Kamal said. 

Currently, a total of 78 public and private entities offer life and non-life insurance.

Of them, 47 companies are listed, the minister said.

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