BIA urges insurance firms to act swiftly following airport cargo inferno

Staff Correspondent: The Bangladesh Insurance Association (BIA) has urged insurance companies to immediately reach out to affected clients and expedite claim settlement following the fire that ravaged the cargo village at Hazrat Shahjalal International Airport.

BIA President Sayeed Ahmed said that the disastrous incident has the likely to severely disrupt the country’s import-export operation, warning that trade confidence and economic recovery now depend on insurers’ prompt and transparent action.

He underscored that “insurance companies must act now- contact affected businesses, verify claim efficiently and disburse payment expeditiously.” According to him, timely settlement would help businesses resume operations, stabilise trade and reinforce public confidence in the insurance sector.

The BIA president also urged the insurance companies to compile a comprehensive list of affected clients, assist them with documentation, activate loss assessment and settlement teams and build up coordination with the Civil Aviation Authority, customs and relevant business organisations.

Industry insiders welcomed the call, saying it reflects mounting awareness in the insurance sector about its role in economic resilience. They added that the fire’s impact goes far beyond infrastructure damage- it threatens the flow of global trade and the nation’s economic credibility.

Experts believe that how insurance companies respond in the coming days will determine the speed of recovery for exporters and importers alike. They also warned that delays in claim settlement could strain Bangladesh’s position in global supply chains, especially in the ready-made garment (RMG) sector.

The fire broke out around 2:30 pm on Friday (18 Oct) at the airport’s import section near Gate 8. Fire Service and Civil Defence deployed 37 units to control the blaze, which burned for several hours. Flights- both domestic and international- were temporarily suspended.

At least 25 Ansar members sustained injuries, while imported goods, electronics, and garment export samples were destroyed. Initial assessments suggest that the loss of goods stored in the cargo area could exceed one billion U.S. dollars (around Tk 12,000 crore).

The Bangladesh Garment Exporters Association (BGMEA) expressed concern that the fire could disrupt ongoing export schedule, delay shipment and possibly loss buyers’ confidence in the country’s garment industry.

Economists and trade experts warn that if recovery and claim processes are not accelerated, Bangladesh’s export supply chain could face severe disruption, undermining the country’s reputation as a reliable sourcing hub in the global market.