No claim complaints against Zenith Islami Life: BIA President

Staff Correspondent: Bangladesh Insurance Association (BIA) President Sayeed Ahmed has lauded Zenith Islami Life Insurance Limited for maintaining a record in claim settlement, saying there has been no complaint from policyholders regarding unpaid claim against the company.

Speaking as the chief guest at the company’s annual conference held in Cox’s Bazar on Saturday (18 October), Sayeed Ahmed said, “To my knowledge, Zenith Islami Life has no record of failing to pay legitimate policyholder claims. Since assuming office at BIA, I have not heard a single complaint against them.”

The event was presided over by Zenith Islami Life’s Chief Executive Officer and the Bangladesh Insurance Forum’s Joint Secretary General S M Nuruzzaman.

The BIA President praised the company’s leadership for its transparency and proactive management culture. “I am highly optimistic that Zenith Islami Life will emerge as one of the leading companies in the sector. Its board of directors is genuinely committed and the vice chairman personally follows up on employees’ progress and sales targets,” Sayeed Ahmed noted.

He added that “Such leadership engagement is a very positive indicator for the company’s long-term success. Both IDRA and BIA encourage directors to maintain close communication with their employees, especially the development officers and field staffs.”

Turning to the broader challenges facing the country’s insurance sector, Sayeed Ahmed said that out of 36 life insurers, nearly 10 companies are in severe financial distress. “These struggling companies have failed to pay around Tk 6,000 crore in pending claims,” he said.

He alleged that several directors of these companies had embezzled funds during the previous management’s tenure, causing widespread financial instability. “Their mismanagement and corruption have made difficulties for well-performing insurers, tarnishing the overall reputation of the sector,” he lamented.

The BIA President disclosed that the association is in constant dialogue with the Ministry of Finance, Bangladesh Bank and the Insurance Development and Regulatory Authority (IDRA) to address the situation.

“We are actively exploring legal remedies to hold wrongdoers answerable, recover embezzled funds and ensure that pending claim is settled rapidly. We are hopeful that the issue will be resolved soon,” he said.