BIA AGM reveals mixed insurance growth in 2022

The Bangladesh Insurance Association (BIA) held its 36th annual general meeting (AGM) on Tuesday in Dhaka, revealing a mixed picture for the country's insurance sector in 2022.
Despite a strong performance by non-life companies, a slight decline in private life insurance activity marked the year, according to a BIA press release.
Life insurance premiums saw an overall increase, with total first-year premiums rising to Tk 30.6 billion from Tk 25.2 billion in 2021. However, a 3.52 per cent drop in the life fund and a 1.15 per cent decrease in total investments suggest underlying challenges.
Non-life insurance, on the other hand, thrived, boasting a 9.98 per cent rise in gross premiums and a 12.32 per cent growth in investments. This success reflects a more resilient segment of the market.
BIA President Sheikh Kabir Hossain addressed the meeting, highlighting both the achievements and challenges faced by the industry.
He also outlined key areas for discussion, including the adoption of the annual report and financial statements, auditor appointments and future business proposals.
Other speakers, including BIA officials and insurance company representatives, offered further insights into the sector's performance.