Department of Banking and Insurance of Dhaka University and Insurance News BD Sign MoU for Insurance Industry Research

Staff Correspondent: The Department of Banking and Insurance of the University of Dhaka and Insurance News BD signed a Memorandum of Understanding (MoU) to jointly undertake a comprehensive scholarly and policy-oriented research titled “Insurance Sector of Bangladesh: Reality, Challenges and Way Forward.”

On Monday (28th September) the signing ceremony was held at the Department of Banking and Insurance in University of Dhaka. The MoU was signed by Dr. Md. Shahidul Islam Zahid, Professor and Chairman of the Department of Banking and Insurance, University of Dhaka, and Mostafizur Rahman Tunku, Editor and Publisher of Insurance News BD, in the presence of witnesses and representatives of both institutions.

Dr Mahfuz Kabir, Research Director at Bangladesh Institute of International and Strategic Studies (BIISS), Dhaka, and Dr. Biswajit Kumar Mondal, Consultant of Insurance News BD were also present at the programme.

Under the agreement, the two parties will collaborate on an evidence-based examination of the current state of Bangladesh’s insurance industry. The study will assess the sector’s structure, growth, performance and economic contribution; evaluate the life and non-life (general) insurance markets, including penetration, density, product development, distribution channels and claims settlement; and analyse governance, regulatory, institutional, technological and human-resource challenges. It will also examine issues of consumer confidence, service quality, financial inclusion and public awareness of insurance, while drawing on both primary and secondary data and stakeholder consultations.

The Department of Banking and Insurance will lead the research design, methodology, data analysis and scholarly quality assurance, maintaining academic independence and research integrity throughout. Insurance News BD will serve as the sponsoring and collaborating partner, providing financial support, relevant sectoral data and documents, investigative materials, industry knowledge, and facilitation of stakeholder engagement where feasible. The study is scheduled to commence immediately upon signing and is expected to be completed by February 2027, culminating in a final research report.

Speaking on the occasion, Dr. Md. Shahidul Islam Zahid emphasised the academic significance of the collaboration:

“This partnership allows us to bring rigorous research standards to a sector that is critical for financial resilience and inclusive growth in Bangladesh. By combining the Department’s expertise with Insurance News BD’s deep sectoral insights, we aim to produce an objective, policy-relevant assessment that can inform regulators, industry stakeholders and the public.”

Mostafizur Rahman Tunku highlighted the practical value of the joint initiative:

“Insurance News BD has long been committed to advancing informed discourse on the insurance industry through news, investigation and analysis. Sponsoring and actively collaborating on this study with the University of Dhaka reflects our belief that independent, evidence-based research is essential for identifying structural challenges and charting a sustainable path forward for the sector.”

BIISS Research Director Dr Mahfuz Kabir said, Bangladesh's insurance sector faces numerous challenges but also holds significant potential. Under the MoU signed between the Department of Banking and Insurance at the University of Dhaka and InsuranceNewsBD, fundamental research on the country's insurance sector will be conducted. We anticipate that this initiative will yield vital insights regarding the sector's current state, challenges, and necessary measures, thereby playing a crucial role in guiding the government to undertake essential reforms.

The MoU underscores both parties’ commitment to research independence. While Insurance News BD will contribute data, sector knowledge and comments on factual accuracy and practical relevance, the Department retains full responsibility for evidence-based analysis, findings and recommendations.

This collaboration marks a significant step in bridging academic research and industry knowledge to strengthen Bangladesh’s insurance sector, an industry vital for risk management, long-term savings, financial inclusion and economic stability.