Insurance industry is still running with traditional methods and practices, in fact, the industry has no such innovation and product diversification, and whatever exits has no publicity.
However, I believe that the people are now running IDRA, are competent. The present administration of IDRA is worthy enough to render the due focus in the society on insurance industry and thus I am hopeful that the industry will see a boost certainly if it retains longer time, the way it is moving now.
After coming the Insurance Act and IDRA into being, other regulatory agencies paid attention to this sector. Mr. Shafiqur Rahman Patwary, the current Chairman of IDRA, was an expert banker as he was the senior Secretary of the Banking & Financial Institutions Division of the Ministry of Finance, his main contribution is that he has compelled the companies to settle the claims timely. There is a tribunal and if there are any allegations of not settling claim, the hearing takes place and instant verdict is given from the tribunal. It is good to know that so far at least 300 to 400 files have been settled through this tribunal.
What usually a client wants is his money back after the end of the term of his policy. But there have been practice in the field that insurance is not settled largely, specially there have been 4 to 5 companies who are known as not paying the insurance claim. But over the years, the situation is now a-bit changed due to the presence of IDRA and now the awareness and culture has been created to obey the law.
Now government is looking into the issues of insurance seriously. If a declaration is made that the people, holding NID cards must deposit Tk 10 each for insurance every month, then Tk 160 crore fund could be developed a month.
