Idra holds Insurance Excellence Award 2025
Business Report :
The Insurance Development and Regulatory Authority (Idra) organized the “IDRA Insurance Excellence Award 2025” ceremony to recognize excellence in ethics, transparency, and good governance in Bangladesh’s insurance sector and to further strengthen public confidence in the industry.
The event was held last week in Dhaka, where Anisuzzaman Chowdhury, special assistant to the chief adviser, attended as chief guest. Nazma Mobarek, secretary of the Financial Institutions Division, was present as special guest.
Distinguished guests at the event included Adiba Ahmed, first vice president of the Bangladesh Insurance Association, and BM Yousuf Ali, president of the Bangladesh Insurance Forum.
Md Fazlul Haque, member (administration) of Idra, delivered the welcome address. A documentary titled “Idra: A Journey of Positive Transformation” was also screened on the occasion.
Among non life insurance companies, Pragati Insurance PLC secured first place, followed by Sadharan Bima Corporation in second place, Reliance Insurance PLC in third place, and Green Delta Insurance PLC in fourth place.
Eastland Insurance PLC, Sena Insurance PLC, and United Insurance Company Limited jointly secured fifth place.
Among life insurance companies, American Life Insurance Company (MetLife) secured first place, followed by Pragati Life Insurance PLC in second place, Delta Life Insurance Company Limited in third place, and Jiban Bima Corporation in fourth place.
National Life Insurance PLC and Guardian Life Insurance Limited jointly secured fifth place. Md Syed Sehab Ullah Al Manjur, chief executive officer of Pragati Insurance PLC, said: “The total financial loss resulting from the aircraft accident at Hazrat Shahjalal International Airport amounted to approximately Tk1,200 crore.
Pragati Insurance PLC has paid around Tk30 crore in compensation despite receiving only Tk16 lakh in premiums.
Through this payment, we have demonstrated our commitment to standing beside businesses during crises and ensuring timely financial support for those affected.”
Mohammad Ala Uddin Ahmad, chief executive officer of MetLife Bangladesh, said: “This recognition will further inspire us to move forward with greater determination.
By complying with all regulatory requirements, including solvency margins, we remain committed to making a positive and sustainable contribution to the national economy.”
BM Yusuf Ali, president of the Bangladesh Insurance Forum, urged the approval of the draft Insurance Regulation Act 2025.
Adiba Ahmed, first vice president of the Bangladesh Insurance Association, said: “Recognition initiatives like this encourage excellence, transparency, and professionalism in the insurance sector and play a significant role in the industry’s overall development.”
Nazma Mobarek, secretary of the Financial Institutions Division, said: “Over the past years, Idra has played a commendable role in policy formulation, strengthening supervision, and establishing good governance.
This award initiative reflects Idra’s continued efforts. The government wants the insurance sector to become more customer-friendly, transparent, and accountable.
To achieve this, the government, regulators, and insurance companies must work in close coordination.
Improving customer service quality, reducing claim settlement time, and expanding the use of technology will be key to achieving these goals.”
M Aslam Alam, chairman of Idra, said: “The timely implementation of insurance-related laws is essential to guide the sector toward recovery and sustainable development.
Digitalization is now a necessity, as it will enhance transparency, accountability, and customer trust.
A shortage of trained and professional human resources remains a key challenge in the insurance sector, and there is a strong need to develop skilled and competent professionals.”
Anisuzzaman Chowdhury, special assistant to the chief adviser, said: “Bangladesh’s insurance sector is undergoing rapid transformation.
Digitalization, technology-driven services, online policy issuance, and faster claim settlement are gradually bringing the industry closer to global standards.
Customers can now conveniently access insurance services through mobile apps and digital platforms, saving both time and cost. To further narrow the gap with developed countries, we must prioritize customer-centricity, transparency, and accountability.
Innovation in insurance products, data-driven decision-making, and the development of skilled human resources are equally important, and Idra’s leadership in this regard is truly commendable.”
