Bring ‘high-rises, shopping malls under fire, earthquake insurance policies’

FE REPORT

As the country is vulnerable to moderate and severe earthquakes, multi-storied buildings and shopping malls should be brought under fire and earthquake insurance policies.

First Vice President of Bangladesh Insurance Association and Vice Chairman of Karnaphuli Insurance Company Nasir Uddin Ahmed Pavel said this at a seminar at a hotel in the capital recently, says a press release.

He said that in terms of population in the world, Bangladesh is the eighth largest with its 161.40 million people. If an earthquake of magnitude 7 strikes the country, it would be too destructive.

Nasir Uddin Ahmed Pavel also suggested making 'Flood and Cyclone' insurance mandatory for the bank-financed industries and shops which are prone to flood, cyclone and river erosion.

Nasir also proposed creating a bridge between the Insurance Development and Regulatory Authority and the newly developed Private Sector Emergency Operation Centre (PEOC).

The seminar on 'Risk Financing Strategy' was held as part of the 'National Symposium on Private Sector Participation and Leadership in Disaster Risk Management' at a city hotel.

The symposium was organised by Dhaka Chamber of Commerce and Industry (DCCI).

Chairman of Bangladesh Capital Market Stabilization Fund and former chairman of National Board of Revenue Md Nojibur Rahman was present at the seminar as the chief guest. DCCI President Rizwan Rahman presided over it, according to the press release.

Professor MA Baqui Khalily of the School of Business at Asia Pacific University presented the keynote paper.

Among others, General Manager of Sustainable Finance Department of Bangladesh Bank KM Millat and President and Managing Director of Bank Asia Limited Md Arfan Ali spoke at the seminar.