The insurance sector has to be managed in the same way as the government controls and manages the banking sector. Only then will the pace of the country's economy increase further.
The government will be able to generate a huge amount of revenue from this sector, ”said Mohammad Abu Bakar Siddique, Chief Executive Officer (CEO) of Meghna Insurance, as the keynote speaker at a virtual workshop for journalists in the insurance sector on Thursday (April 29th).
Abu Bakar Siddique said, "There are 60 banks in the country. The number of life and non-life companies is 80. It has a small control agency for monitoring.
The more active the regulatory body, the more insurance companies will benefit. But sadly, the insurance regulator itself is in a manpower crisis. Most of the officers are on a contract basis. Many of them have no idea about the insurance sector.
Noting that the bank runs on simple numbers but insurance does not run on simple numbers, the CEO urged the government to take immediate action in this regard to take the sector forward.
"No one wants to be covered by non-life insurance without obligation," he said. There is no insurance in big markets including factories. Their assets must be insured. '
"Insurance covers 35 to 40 percent of individuals and organizations," he said. But 60 percent of individuals and organizations are out of insurance.
At present, the premium is 0.4 to 0.45 billion USD. Meanwhile, if the government pays special attention, insurance companies will be able to collect premiums of USD 1.5 to 1.6 billion. By doing this, the government will also get big revenue. '
In response to a question, the CEO of Meghna Insurance said, "In case of an insurance claim, the affected company can appeal to the IDRA about the survey company."
Noting that the crisis of confidence in the insurance sector has abated, he said, "There was a crisis of confidence at one time. But there is no crisis of confidence at present.
Companies are paying regular insurance claims. Once there was a lack of education and skills on insurance, but now there is no such thing. '
Golam Maula, President of Insurance Reporters Forum (IRF) presided over the function organized by Meghna Insurance Company. Meghna Insurance DMD said the performance of General Secretary Sakhawat Sumon. Hafizur Rahman.
Also Co-Managing Director Mohammad Monir Hossain and Md. Kabir Ahmed, senior general manager. Alamgir Hossain Dewan and Md. Golam Al Mamun, Deputy General Manager Abu Nasser Miyaji, and Co-General Manager. IRFA members including Abdus Samad took part.
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