Bangladesh’s insurance regulator awarded 13 insurers for ethics, transparency and governance on 29 January, as part of efforts to strengthen public confidence in the sector, according to organisers.
The Insurance Development and Regulatory Authority (IDRA) held the IDRA Insurance Excellence Award 2025 at the Pan Pacific Sonargaon Hotel in Dhaka.
Special Assistant to the Chief Adviser Dr Anisuzzaman Chowdhury attended as chief guest, while Financial Institutions Division Secretary Nazma Mobarek was the special guest.
IDRA member (administration) Md Fazlul Haque delivered the welcome address, and a documentary titled IDRA: A Journey of Positive Transformation was screened.
Among non-life insurers, Pragati Insurance PLC ranked first, followed by Sadharan Bima Corporation, Reliance Insurance PLC and Green Delta Insurance PLC, with Eastland Insurance PLC, Sena Insurance PLC and United Insurance Company Limited jointly fifth.
Among life insurers, American Life Insurance Company (MetLife) ranked first, followed by Pragati Life Insurance PLC, Delta Life Insurance Company Limited and Jiban Bima Corporation, with National Life Insurance PLC and Guardian Life Insurance Limited jointly fifth.
Pragati Insurance chief executive officer Md Syed Sehab Ullah Al-Manjur said the company paid about Tk300 million in claims from an aircraft accident at Hazrat Shahjalal International Airport, against premiums of Tk1.6 million, with total losses estimated at Tk12 billion.
MetLife Bangladesh chief executive officer Mohammad Ala Uddin Ahmad said the company remains compliant with regulatory requirements, including solvency margins.
Bangladesh Insurance Forum president B M Yousuf Ali called for approval of the draft Insurance Regulation Act 2025.
Financial Institutions Division Secretary Nazma Mobarek said the government aims to improve customer service, reduce claim settlement time and expand technology use, adding that a digital transformation project will be launched.
IDRA chairman Dr M Aslam Alam said awards were assessed using 2022–23 and 2023–24 data on premium growth, claims, management efficiency, operating costs and top management quality, with further evaluations planned using 2026 data.
