The number of policy holders increased to 16.5 million in the first six month of the current fiscal year, as a result, compared to the previous year.
“Insurance sector in Bangladesh is expanding gradually,” Finance Minister AMA Muhith told parliament today, placing the budget for the next fiscal year.
In order to sustain this growth trend, he said the government is continuing with various administrative and legal reforms in insurance sector.
Social safety insurance with a premium of Tk100 per month has been introduced to bring the underprivileged section of people under insurance coverage.
Moreover, special insurance schemes have been launched for the welfare of fishermen in coastal areas, construction, transport and garments workers, boatmen, fishermen and farmers in disaster-prone areas, and of expatriates.
Future initiatives for the development of this sector include insurance schemes for health, fishery and livestock, weather index-based crops, and capacity building of the regulatory authority for insurance sector.
“I hope, once these plans are implemented, contribution of insurance sector in the national economy would increase,” said the finance minister.