Bangladesh’s insurance regulator has formally recognised outstanding ethical standards, transparency and good governance in the industry through the IDRA Insurance Excellence Award 2025, presented at a high-profile ceremony in Dhaka on Thursday, 29 January. The initiative, organised by the Insurance Development and Regulatory Authority (IDRA), aims to strengthen public confidence in insurance services and encourage sustainable, responsible growth across the sector.
The award ceremony took place in the Grand Ballroom of the Pan Pacific Sonargaon Hotel, with senior government officials, regulators and industry leaders in attendance. The chief guest was Dr Anisuzzaman Chowdhury, Special Assistant to the Chief Adviser of the Government of Bangladesh. The event was also attended by Nazma Mobarek, Secretary of the Financial Institutions Division, as special guest. Among the distinguished attendees were Adiba Ahmed, First Vice President of the Bangladesh Insurance Association, and B. M. Yousuf Ali, President of the Bangladesh Insurance Forum.
The programme began with a welcome address by Md Fazlul Haque, IDRA Member (Administration), followed by the screening of a documentary titled “IDRA: A Journey of Positive Transformation”, highlighting regulatory reforms, improved oversight and recent progress in the insurance sector. Awards were then presented to selected life and non-life insurers that demonstrated exceptional performance in ethics, transparency, governance and operational efficiency.
Awarded Companies (2025)
| Category | Rank | Company |
|---|---|---|
| Non-Life Insurance | 1st | Pragati Insurance PLC |
| Non-Life Insurance | 2nd | Sadharan Bima Corporation |
| Non-Life Insurance | 3rd | Reliance Insurance PLC |
| Non-Life Insurance | 4th | Green Delta Insurance PLC |
| Non-Life Insurance | Joint 5th | Eastland, Sena & United Insurance |
| Life Insurance | 1st | American Life Insurance (MetLife) |
| Life Insurance | 2nd | Pragati Life Insurance PLC |
| Life Insurance | 3rd | Delta Life Insurance |
| Life Insurance | 4th | Jiban Bima Corporation |
| Life Insurance | Joint 5th | National Life & Guardian Life |
Speaking after receiving the award, Pragati Insurance PLC’s Chief Executive Officer, Md Syed Sehab Ullah Al Manzur, cited a major aviation incident at Shahjalal International Airport, where total losses were estimated at around BDT 12 billion. He noted that Pragati Insurance paid approximately BDT 300 million in claims against premiums of only BDT 1.6 million, demonstrating the company’s commitment to timely compensation and crisis support for policyholders.
MetLife Bangladesh’s CEO, Mohammad Ala Uddin Ahmed, said the recognition would further motivate the company to maintain full regulatory compliance, including solvency margins, while contributing positively and sustainably to the national economy.
During the discussion segment, Bangladesh Insurance Forum President B. M. Yousuf Ali urged swift passage of the draft Insurance Regulation Act 2025. Adiba Ahmed emphasised that such recognition programmes promote professionalism, transparency and overall industry development.
In her address, Financial Institutions Division Secretary Nazma Mobarek praised IDRA’s recent efforts in strengthening regulations and governance. She highlighted the government’s focus on making insurance services more citizen-friendly, transparent and accountable, with particular emphasis on digital transformation, faster claims settlement and enhanced customer service.
Presiding over the event, IDRA Chairman Dr M. Aslam Alam stressed the urgent need to implement existing insurance laws and accelerate digitalisation to rebuild trust. He acknowledged challenges such as shortages of trained professionals and the need for higher managerial competence, while noting that many insurers already perform to commendable standards.
The awards were based on performance data from the 2022–23 and 2023–24 financial years, considering indicators such as premium growth, claims settlement, management efficiency, operating costs and leadership quality. IDRA confirmed that similar evaluations would continue annually, reinforcing a culture of excellence rather than labelling non-awarded firms as underperformers.
In his keynote speech, Dr Anisuzzaman Chowdhury said Bangladesh’s insurance sector is steadily moving towards global standards through digital platforms, online policy issuance and faster claims processing. He expressed confidence that a modern, technology-driven and well-governed insurance industry would strengthen trade, SMEs, agriculture and social protection, helping Bangladesh sustain its long-term development trajectory.