Make people aware of benefits of insurance

Prime Minister Sheikh Hasina yesterday urged insurance companies to take initiatives so that the level of awareness among people could be raised over the benefits of opening insurance policies.

"There is a lack of awareness among the people about the benefits of insurance. I hope that those who are involved in the insurance sector will take initiatives so that awareness among people could be increased," she said.

The PM was addressing a programme, held at Bangabandhu International Conference Centre, marking the National Insurance Day 2021. She joined the programme virtually from the Gono Bhaban.

The theme of this year's National Insurance Day is "Mujib Borsher Ongikar, Bima Hok Sobar".

Hasina said if awareness can be built then people would go for opening different types of insurance policies. "For this, widespread publicity is urgently needed."

She said there should be large health insurance facilities in the country as people are not much aware of such insurance activities till now.

"Once the coronavirus pandemic is over, I think such awareness will be created among people in this regard."

The premier put emphasis on building more confidence in the insurance sector through increased implementation of the steps taken by the Insurance Development and Regulatory Authority.

Hasina said the importance of insurance would increase with the expansion and strengthening of the country's economy.

Stressing the need for appropriate settlement of insurance claims, she said the people concerned have to remain alert to false claims on insurance.

"There were some instances of claiming excessive money than the actual losses from the insurance companies…you must remain alert to this."

Talking about the development of the insurance sector, the PM said the government would send some people abroad to get academic degrees in actuary. The government will pay for their studies but they have to return home on completion of their studies and work.

"Five people have been selected for this and they will return and work for the development of the insurance sector," she said.

An actuary calculates the risk factors of clients by analysing their age, sex, occupation and heath condition and the insurance company sets premiums for customers based upon the risk factors.

Hasina highlighted the involvement of Father of the Nation Bangabandhu Sheikh Mujibur Rahman in the insurance sector. She said Bangabandhu had worked in the insurance industry alongside doing politics to meet his livelihood expenses.

After the country's independence, Bangabandhu had enacted necessary laws and formed institutional bodies to make the insurance industry more vibrant, she added.

The PM also elaborated the government's initiatives for the development of the insurance industry.

Referring to a Tk 632-crore project for the development of the insurance sector, Hasina said the government in collaboration with World Bank is implementing it to bring all insurance companies under automation.

Finance Minister AHM Mustafa Kamal, Bangladesh Insurance Association President Sheikh Kabir Hossain and Senior Secretary Mohammad Asadul Islam of Financial Institutions Division also spoke at the programme.

Earlier, the finance minister, on behalf of the PM, distributed Bima Padak among the recipients for their contributions to the insurance sector and Bangabandhu education insurance certificates among students.