The country’s life insurance industry is currently grappling with a serious crisis. Public confidence in the sector has plummeted, largely due to mismanagement, corruption, and irregularities in five major life insurance companies. According to industry data, the total unsettled insurance claims across all 36 life insurance companies in the country amount to BDT 4,375 crore. […]

The Bangladesh Insurance Development and Regulatory Authority (IDRA) is set to acquire direct powers to inspect and seize documents and assets from insurance companies, under proposed amendments to the Insurance Act, 2010. The reforms aim to enhance governance, transparency, and accountability within the country’s insurance sector, which has long faced issues of irregularities and malpractice. […]