Ensure Insurance Claims Are Paid after Proper Investigation: PM

Prime Minister Sheikh Hasina on Wednesday called for ensuring that the insurance claims are paid after proper investigation to curb anomalies in this sector, reports UNB.

“Make sure that you are paying the claimed money after appropriate investigation and examinations,” she said.

The prime minister said this while addressing a programme to observe National Insurance Day 2023 at the Bangabandhu International Conference Centre (BICC) with the theme 'my life and asset will be secured, if these are insured' ('amar jibon amar sampad, bima korle hobe nirapad').

She said that there are allegations of anomalies in paying the claimed money where unscrupulous people claim hefty amounts of money against their insured items.

“My request to the people and authority involved in the insurance sector is to remain alert to ensure inquiry for finding out the actual loss from any incident,” she said.

She asked them not to pay any money without conducting a proper investigation bowing down to the pressure from any (influential) person.

She asked all people and authorities involved in the insurance sector to sincerely look into various anomalies in this sector.

“Please do not give in to any pressure. Many people come to us, to me and the ministers or any other person, for getting a favour, but you have to find out the actual loss,” she said.

Hasina said that any person can claim a hefty amount for his or her insured item, but the concerned authorities have to pay the money after a proper investigation and examination.

“Why is not that being implemented? Then should I think that the investigators are also the beneficiaries of this (anomaly)? I doubt they also have involvement in this," she said.

She mentioned that she does not want that insurance companies to earn bad names, because she is also a member of this family. “I have to look after this.”

She also requested the insurance companies to publicise their various kinds of products among the people as they sometimes are reluctant to take insurance policies.

Responding to a demand from the insurance companies, the PM said that the government will look into the matter that without proper insurance no vehicle will be plying on the roads.

“We have to keep a special eye on this matter,” she said.

The premier said that since 2009, her government has taken various timely and effective measures to further develop and modernise the insurance industry.

She questioned how the third-party insurance is still operational in the country as such insurance for cars had already been cancelled in the country.

“How the third-party car insurance hurts I know it well as I was the victim of it,” she said.

Briefly describing various measures for the development of the insurance sector, she said the government has enacted Insurance Act-2010, the Insurance Development and Regulatory Authority Act-2010, Insurance Corporation Act-2019, and the National Insurance Policy-2014.

She said her government has been implementing a Bangladesh Insurance Sector Development Project for modernisation of the insurance sector.

The PM stressed the need for complete digitisation of the insurance sector and asked all concerned to enhance the capacity of the Unified Messaging Platform (UMP) to increase the confidence of the people in this sector.

She said that the government has appointed an insurance actuary to ensure the overall development of the insurance industry in the country accordingly.

“Insurance companies have increased in the country and we’re implementing several mega projects. Insurance is necessary for every sector,” she said.

The prime minister thanked the authorities concerned for introducing health, life, and crop insurances.

“You people have to go for massive publicity about the good things of insurance as the people of our country largely ignored the system,” she said.

The premier, however, asked all to remain cautious so the global economic recession arising from the Covid-19 pandemic, Russia-Ukraine war, sanctions, and counter-sanctions cannot harm Bangladesh in any way.

Detailing her government's efforts in the last 14 years since assuming power in 2009, she said Bangladesh has now become a developing nation and acquired dignity on the global stage.

PM Hasina said her Awami League party has restored democracy in the country through struggles.  Bangladesh is continuously progressing ahead as the democratic process continues after the Awami League was voted to power in 2008, 2014, and 2018 general elections.

She handed over a crest, certificate, and three books (The Unfinished Memoirs, the Prison Diaries and New China as I Saw written by Father of the Nation Bangabandhu Sheikh Mujibur Rahman) to the winners of the easy competitions at the school and college level.

She also distributed honorary certificates to National Life Insurance and Popular Life Insurance for the life insurance category while Green Delta Life Insurance and Sonar Bangla Life Insurance got the award for the non-life insurance category.

IDRA Chairman Mohammad Jainul Bair, Bangladesh Insurance Association President Sk Kabir Hossain, And Secretary to Financial Institutions Division Sheikh Mohammad Salim Ullah also spoke.

A documentary on the insurance sector of the country was screened at the programme.

Earlier, she distributed prizes in essay writing competitions.

Bangabandhu Sheikh Mujibur Rahman joined Alpha Insurance Company on March 1, 1960, and took up insurance as a profession. In commemoration of that day, National Insurance Day is celebrated on March 1 every year.