Two non-life insurance products in the offing

FE Report | Published: April 13, 2014 00:00:00 | Updated: November 30, 2026 06:01:00

The insurance regulator is likely to announce two new non-life products in a bid to diversify the product basket.
This time one product has been designed for working women and another one is aimed at providing extensive coverage in the cases of deadly diseases including cancer.
The Central Rating Committee (CRC), an organ of the Insurance Development and Regulatory Authority (IDRA), will finalise the two products in its April 15 meeting.
The Green Delta Insurance Company and the Prime Insurance have proposed the two new products to the CRC for its approval.
After getting approval from the CRC, the IDRA will announce the products.
"We'll take decision on the new products on April 15 next," Iftekhar Ahmed Chowdhury, member-secretary of the CRC told the FE.
The product designed for the working women is to be named as 'Nibedita' and its duration is one year like other non-life products.
The product might be for both single client and clients' group.
The other product proposed by the Prime Insurance will cover diseases like cancer, heart attack and other deadly diseases.
A senior official at the Rupali Insurance Co said the product of working women is almost similar to that of personal accident.
"The main difference between the new product and the existing product covering accidents is that this is exclusively for the working women."
He, however, said another product designed for the deadly diseases might not be approved in the next meeting as it needs further review.
He said there is need for high premiums to cover such types of deadly diseases.
However, both the products are renewable after expiry of one year.
The non-life insurers have only limited products for marine, fire and miscellaneous purposes.
The two products will be under miscellaneous products which stand at barely 14.
Currently, Bangladesh has 46 non-life insurance firms including state-owned Sadharan Bima Corporation with annual turnover of premium earnings worth around Tk 20 billion.