The spread of the insurance business depends on the gross premium. Gross premiums increase as insurance customers increase. According to the report by the Insurance Development and Regulation Authority (IDRA), the rate of insurer in the country has increased more than ever before. As a result, the insurance business has expanded. IDRA suffers because of this. The company recently published a report on the progress and success of the insurance sector, sent to the finance department of the finance ministry. The report revealed the information.
According to the report, settlement rates have also risen in the context of customers’ insurance claims. Concerned that the settlement of insurance claim settlement rate is satisfactory. Because the amount of money has increased. The index of expertise in the insurance industry is the rate of paying insurance claims. According to IDRA report, the rate of repayment of insurance claim in the context of customer demand from 5 to 5 years after independence of the country was 5.7 percent. The rate of repayment of insurance claims from 8 to 20 years was 12.3 percent. In the last phase, from 25 to 25 years, the insurance payout rate in the 1 year is 12.3 percent.
Socialists say there are many problems in the insurance sector in the country. Especially customers do not get compensation from the company even if they insure. Almost all companies are reluctant to pay compensation. As a result, the whole sector is in a crisis of confidence. People do not want to come easy in this sector. Unless these conditions change, the development of the insurance sector is not possible.
IDR chairman. Shafiqur Rahman Patwari said in the developed countries of the world the size of the insurance sector is bigger than that of banks. But the exception is in Bangladesh. Hearing the name of the insurance sector in this country brings a negative perception. He said immoral commission trade in the insurance sector is a big problem. It has to stop. The policy conditions of this sector are also very critical. According to him, there are 5 rules that need to be made for this sector. Some work is already underway. More positive initiatives will be taken in the coming days.