Bangladesh’s insurance regulator has put the settlement of unpaid policyholder claims at the centre of its reform agenda, revealing that 82 insurers owe customers about Tk7,000 crore.
Unpaid claims have become one of the biggest challenges facing the industry, undermining public confidence and weakening trust in insurance products.
At her first press conference after assuming office on Thursday, Insurance Development and Regulatory Authority (Idra) Chairman Mir Nadia Nivin said nearly Tk4,500 crore of the outstanding claims are concentrated in just seven insurance companies.
“The settlement of pending insurance claims is our immediate priority,” she said at the regulator’s headquarters in Motijheel.
Nivin said restoring confidence in the sector would require insurers to honour their obligations promptly, alongside stricter regulatory oversight and stronger enforcement against irregularities.
She said Idra would intensify supervision of insurance companies, strengthen governance and take action against violations to better protect policyholders’ interests.
The chairman also said the regulator had received full backing from the government to restore discipline and rebuild public trust in the insurance industry.
The renewed push comes as Bangladesh’s insurance sector continues to grapple with delayed claim settlements, governance weaknesses and eroding consumer confidence.
Nivin did not disclose the identities of the seven insurers with the largest unpaid claim liabilities or indicate when the outstanding claims would be settled.
