The Insurance Development and Regulatory Authority (IDRA) organised the IDRA Insurance Excellence Award 2025 ceremony to recognise excellence in ethics, transparency, and good governance in Bangladesh’s insurance sector, aiming to further strengthen public confidence in the industry.
The event was held on Thursday evening at the Grand Ballroom of Pan Pacific Sonargaon Hotel in Dhaka, according to a press release.
Dr Anisuzzaman Chowdhury, special assistant to the chief adviser attended the programme as the chief guest, while Nazma Mobarek, secretary of the financial institutions division, was present as the special guest.
Among the distinguished guests were Adiba Ahmed, first vice president of the Bangladesh Insurance Association, and BM Yousuf Ali, president of the Bangladesh Insurance Forum.
At the programme, Md Fazlul Haque, member (Administration) of IDRA, delivered the welcome address.
A documentary titled “IDRA: A Journey of Positive Transformation” was also screened on the occasion.
Later, selected insurance companies were honoured with the IDRA Insurance Excellence Award 2025 in recognition of their outstanding contributions to ethics, transparency, and good governance in the insurance sector.
Among non-life insurance companies, Pragati Insurance PLC secured first place, followed by Sadharan Bima Corporation in second place, Reliance Insurance PLC in third place, and Green Delta Insurance PLC in fourth place. Eastland Insurance PLC, Sena Insurance PLC, and United Insurance Company Limited jointly secured fifth place.
Among life insurance companies, American Life Insurance Company (MetLife) secured first place, followed by Pragati Life Insurance PLC in second place, Delta Life Insurance Company Limited in third place, and Jiban Bima Corporation in fourth place. National Life Insurance PLC and Guardian Life Insurance Limited jointly secured fifth place.
During the award presentation session, Md Syed Sehab Ullah Al-Manjur, chief executive officer of Pragati Insurance PLC, said the total financial loss resulting from the aircraft accident at Hazrat Shahjalal International Airport amounted to approximately Tk12 billion.
He said Pragati Insurance PLC had paid around Tk300 million in compensation despite receiving only Tk1.6 million in premiums, demonstrating the company’s commitment to supporting businesses during crises and ensuring timely financial assistance.
Mohammad Ala Uddin Ahmad, chief executive officer of MetLife Bangladesh, said the recognition would further inspire the company to move forward with greater determination.
He added that by complying with all regulatory requirements, including solvency margins, MetLife remains committed to making a positive and sustainable contribution to the national economy.
BM Yousuf Ali, president of the Bangladesh Insurance Forum, urged the approval of the draft Insurance Regulation Act 2025.
Adiba Ahmed, first vice president of the Bangladesh Insurance Association, said recognition initiatives such as this encourage excellence, transparency, and professionalism in the insurance sector and play a significant role in the industry’s overall development.
In her remarks, Nazma Mobarek, secretary of the Financial Institutions Division, said IDRA has played a commendable role in policy formulation, strengthening supervision, and establishing good governance over the years. She noted that the award initiative reflects IDRA’s continued efforts.
She said the government wants the insurance sector to become more customer-friendly, transparent, and accountable, adding that close coordination among the government, regulators, and insurance companies is essential to achieve this goal.
Improving customer service quality, reducing claim settlement time, and expanding the use of technology would be key priorities, she said.
She further said public trust can be strengthened through digitalisation and announced that a new project would soon be launched to support the digital transformation of the insurance sector.
She also called on all insurance companies to actively promote transparency, accountability, and stronger public confidence through digital initiatives.
In his presidential address, IDRA Chairman Dr M Aslam Alam said the timely implementation of insurance-related laws is essential to guide the sector towards recovery and sustainable development.
He emphasised that digitalisation has become a necessity to enhance transparency, accountability, and customer trust.
He also said a shortage of trained and professional human resources remains a major challenge in the insurance sector, highlighting the need to develop skilled and competent professionals.
Dr Alam noted that not all insurance companies should be judged in the same way, as many are performing well. He said the award evaluation was conducted based on data from the 2022–23 and 2023–24 fiscal years, considering key indicators such as premium growth, claim settlement performance, management efficiency, operational expenditure, and top management quality.
He added that similar evaluations would be conducted in the next phase using updated 2026 data and that the initiative to recognise the top five companies each year would continue.
He emphasised that the recognition aims to encourage overall improvement in the sector rather than label other companies as weak.
In his address, Dr Anisuzzaman Chowdhury said Bangladesh’s insurance sector is undergoing rapid transformation through digitalisation and technology-driven services, including online policy issuance and faster claim settlement.
He said customers can now conveniently access insurance services through mobile applications and digital platforms, saving time and cost.
To further narrow the gap with developed countries, he stressed the importance of prioritising customer-centricity, transparency, and accountability.
He also highlighted the importance of innovation in insurance products, data-driven decision-making, and the development of skilled human resources, commending IDRA’s leadership in this regard.
He added that a modern, technology-driven, and well-governed insurance sector would strengthen Bangladesh’s industrial, commercial, SME, agricultural, and social protection systems, helping the country achieve and sustain its development goals in the long term.
IDRA expressed hope that the recognition awarded to 13 insurance companies under the IDRA Insurance Excellence Award 2025 will play a significant role in driving positive transformation, excellence, and increased public confidence in Bangladesh’s insurance sector.
