Eastland Insurance marked its 40th anniversary on Friday, celebrating four decades in the non-life insurance business while highlighting the industry’s role in protecting businesses against economic and industrial risks.
At the anniversary event in Dhaka, its Chairman Mahbubur Rahman urged the government to review the Road Transport Amendment Act 2024 and take steps to strengthen road safety, saying Bangladesh remains the only country where motor insurance is not mandatory.
He also pointed to the insurance industry’s limited contribution to the economy, saying it accounts for just 0.35 per cent of GDP, compared with an average of 2.5 per cent in emerging markets.
The celebration was held at the Grand Ballroom of Radisson Blu Water Garden Dhaka, marking the company’s establishment in 1986.
Rahman said the insurance industry had helped protect the private sector through successive disruptions, including the coronavirus pandemic, the Russia-Ukraine war, the July Uprising, the Israel-Iran war and recent crises in industrial belts.
He urged the government to take stronger measures to prevent further damage to export-oriented industries.
He also outlined the company’s financial record, saying Eastland had paid Tk183 crore in dividends since its inception, settled Tk453 crore in insurance claims and paid Tk88 crore in taxes to the national exchequer.
The company reported a cumulative dividend record of 721 per cent.
In his welcome address, Rahman paid tribute to the company’s founding members and late colleagues, crediting their dedication with laying its foundations.
The event was attended by Abdul Awal Mintoo, minister for environment, forest and climate change, and Sayeed Ahmed, chairman of the parliamentary standing committee on the Ministry of Public Administration, among other policymakers, business leaders and guests.
Representatives of the Bangladesh Insurance Association, industrialists, bankers, corporate executives and the company’s long-standing clients also attended.
Speakers praised Eastland’s contribution to managing industrial risks and supporting trade and economic activity over the past four decades.
The celebration opened with a cake-cutting ceremony and concluded with the recognition of the company’s longest-serving clients and corporate partners, followed by a cultural programme and dinner.
