IDRA Holds Meeting with State-Owned Insurers

Press Release: The Insurance Development and Regulatory Authority (IDRA), the main insurance regulator of Bangladesh, has held separate meetings with the country’s two state-owned insurers to advance modernisation, strengthen governance, and improve service delivery in the insurance sector.

The meetings were held on Wednesday (24 June) at the IDRA headquarters in Dhaka. Senior officials from both the life and non-life insurance corporations attended the discussions, where key operational challenges, reform priorities, and long-term development strategies were reviewed.

The sessions were chaired by Mir Nadia Nivin. He emphasized that building a modern and efficient insurance system requires stronger transparency, faster service delivery, and wider use of digital technologies across all operational areas.

In the meeting with the state-owned life insurer Jiban Bima Corporation, discussions focused on restoring customer confidence and ensuring faster settlement of insurance claims. Officials also highlighted ongoing efforts to strengthen field-level operations so that claims can be processed within the expected timeframe.

Key reform priorities included expanding life and health insurance coverage for government employees, developing pension-based insurance products, simplifying services for migrant workers, introducing Enterprise Resource Planning (ERP) systems, modernising actuarial databases and risk assessment frameworks, and launching new insurance products tailored to emerging market needs.

In the meeting with the state-owned non-life insurer Sadharan Bima Corporation, discussions focused on improving claims settlement efficiency, preventing insurance fraud, and strengthening digital monitoring systems to ensure greater market discipline.

The meeting also reviewed long-pending claims and reaffirmed the commitment to clear outstanding cases at the earliest. Additional discussions included expanding insurance coverage for public assets and large infrastructure projects, strengthening disaster risk financing mechanisms, and enhancing the country’s reinsurance capacity.

Chairman Mir Nadia Nivin stated that the sustainable development of the insurance sector depends on technology adoption, transparency, and strong governance practices. He urged state-owned insurers to become more efficient, modern, and customer-focused through continued reforms and institutional improvements.

Officials from both institutions expressed optimism about the sector’s future and reaffirmed their commitment to improving service quality, operational efficiency, and overall stability in Bangladesh’s insurance market.