Online Desk: The nation is set to celebrate the National Insurance Day throughout the country tomorrow (Friday) under the theme ‘Korbo Bima Gorbo Desh, Smart Hobe Bangladesh’.

Prime Minister Sheikh Hasina is scheduled to inaugurate the event at the Bangabandhu International Conference Centre (BICC) in the capital. Finance Minister Abul Hassan Mahmood Ali will preside over the event, with officials from relevant departments in attendance.

Mohammad Jainul Bari, Chairman of the Insurance Development and Regulatory Authority (IDRA), briefed journalists on the 5th National Insurance Day at his city office on Wednesday.

Regarding the sector, he shared that efforts are underway to enhance services, and plans for introducing new policies are in progress.

The initiative to launch bancassurance has been completed and will be inaugurated on the insurance day by the Prime Minister.

“Following the event unveiling, we will proceed with the sale of insurance products, having already inked agreements with five banks for this purpose,” mentioned the IDRA Chairman.

He further stated that premium income is witnessing an annual increase of 8.0 to 10.0 per cent, with a gradual rise in the number of claims. The premium income amounted to Tk 114.07 billion in 2022 and Tk 122.79 billion in 2023.

In contrast, the number of claim settlements for both life and non-life insurance increased by 4.0 per cent in 2023 compared to 2022.

The number of claims has also decreased, indicating a decline in outstanding insurance claims, according to him.

“However, the country is still facing challenges in providing services, especially with regard to insurance claims. Amendments to the current laws are needed to ensure all types of services.”

While many companies are timely paying 100 per cent of insurance claims, 19 are paying 80 per cent. The IDRA is actively working to address payment challenges faced by some companies.

As per IDRA, a total of 82 approved insurance companies are providing services, benefiting 17.11 million individuals.

The country has introduced various insurance policies such as crops, expatriates, health, hajj, small and cattle insurances.

Recently, the Bangabandhu education insurance was introduced, covering 50,000 students through Jiban Bima Corporation. Private insurance companies have also initiated education insurance, with a total of 78,501 students under coverage.

National Insurance Day, celebrated on March 1 each year, commemorates the day when Bangabandhu Sheikh Mujibur Rahman joined Alpha Insurance Company on March 1, 1960, marking his entry into the insurance profession.