Seven life insurance companies have settled claims worth Tk14.51 crore for 2,549 policyholders under an initiative of the Insurance Development and Regulatory Authority (IDRA) to accelerate claim payments and strengthen confidence in the insurance sector.
At an event held at the IDRA conference room on Thursday, IDRA Chairman Mir Nadia Nivin handed over claim cheques to policyholders of Baira Life, Fareast Islami Life, Golden Life, Homeland Life, Padma Islami Life, Progressive Life and Sunflower Life.
According to IDRA data, the settlement was made through 94 cheques. Progressive Life accounted for the largest portion, paying Tk6.90 crore to 1,350 customers, followed by Fareast Islami Life, which settled Tk5.42 crore for 528 policyholders.
Padma Islami Life paid Tk1.94 crore to 624 customers, while Homeland Life settled Tk10.66 lakh for 15 policyholders. Baira Life paid Tk4.51 lakh to eight customers, Sunflower Life settled Tk5.21 lakh for 20 customers, and Golden Life paid Tk2.51 lakh to four policyholders.
IDRA Chairman Mir Nadia Nivin said ensuring timely payment of legitimate claims remains a key priority for the regulator.
“Claim settlement must become faster and more transparent to rebuild public confidence in the insurance sector. IDRA will continue taking necessary measures to safeguard policyholders’ interests,” she said.
IDRA said the initiative would help protect policyholders’ financial rights while contributing to greater trust in Bangladesh’s insurance industry.
