Govt plans bringing all citizens, resources under ins coverage

A hold-all insurance coverage of all the citizens and resources of Bangladesh is now planned by the government for giving a fillip to the country's socioeconomic development, officials have said.
They said the Financial Institutions Division (FID) under the Ministry of Finance at a recent meeting asked the Insurance Development and Regulatory Authority (IDRA) to take necessary measures in this regard, as wide-ranging reforms are spearheaded by the post-uprising government.

Initially, eight major areas have been targeted to enhance insurance penetration in the country. According to the meeting decision, all types of transports, including metro rails and trains, have been asked to be brought under the purview of insurance.
All the large shopping malls also have to be brought under fire insurance while insurance policies have to be introduced for the cattle and poultry sector.
Moreover, all workers of readymade garment and other factories should be covered by group insurance.
"Steps have to be taken to bring students and teachers of all universities under health insurance, and each and every motor vehicle should buy insurance policies," says the meeting decision.
Presided over by FID Additional Secretary Amal Krishna Mandal, the meeting decided to seek opinion from the Finance Division of the ministry about the insurance-premium-payment method.
According to officials concerned, the IDRA requested the FID to organise a meeting to implement the objective of the section 2.3 of the National Insurance Policy 2014 that provides for bringing all of the lives and resources under insurance coverage.
The move aims to raise the contribution of the insurance sector to the economic and social development of the country. In Bangladesh, insurance penetration is only 0.4%--one of the lowest in the world.
At the meeting, an executive director of the IDRA said there is no alternative but to provide health-insurance facilities to ensure health security for all of the citizens.
He said, "All the people of the country can be brought under the coverage of health insurance. Moreover, all the public and private buildings, archaeological artefacts, and social-security schemes can be included in the coverage."
In addition, he proposed taking steps to bring all the resources of the country under a mandatory insurance system.
An official at the ministry of fisheries and livestock suggested bringing cattle and poultry farmers under the insurance coverage. In this case, he suggested paying insurance premium by the government.
At the meeting, an official of the Ministry of Housing and Public Works suggested bringing all the residential and non-residential buildings under fire insurance.
Experts blame a lack of people's confidence in the insurance companies for many people staying out of coverage.
According to data available with the IDRA, the number of life-insurance policies at the end of 2023 fell to 8.63 million from 8.96 million at the end of 2022.
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