RECENT newspaper reports found not declining conditions on the whole in the insurance business but the same noted that growth in the life insurance sector is significantly higher than that of the general insurance one. It should not be proper to jump to conclusions that this trend is the outcome of a lull in business activities in the country. Unlike in the developed countries and even many developing ones, insurance consciousness of the people here is still not well developed. Business operators in too many cases are found still not appreciating the risk factors in running their businesses and to hedge their enterprises and themselves from the same.
But the opposite can happen if the general insurance companies care to develop proactive management highly trained in risk management. They could then take the initiative to raise risk coverage consciousness among their clients. Both the clients and the companies could benefit from such steps. The relatively weaker performance of the general insurance companies in that case would change with better performance on their part.
Imran Ahmed
Dhanmondi, Dhaka
Strengthening general insurance sector
FE Team | Published: July 19, 2007 00:00:00 | Updated: February 01, 2018 00:00:00
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