BIA Making a Policy to Select Best Insurer

Bangladesh Insurance Association (BIA), the organization of the owner of insurance companies, making a policy to select the best insurance company from the life and non-life insurance sector in the country. In this regard, a meeting of the Life and Non-life technical sub-committee of the organization has been called on 26 May 2021.

According to the source, BIA president Sheikh Kabir Hossen announces to evaluate the best insurer on the last 6 May in a conference of Pre-Budget Discussion. In the context of that announcement, BIA took the step to select some standards and making a policy.

In the meantime, a letter sent to the related persons with highlights some choose able standards. According to the sources, these criteria are included the establishment date of the company, number of branches, number of officials and staff, company’s service rules, provident fund of official and staff including gratuity and related others benefits.

Premium income of last three years (2018, 2019 & 2020), the status of IPO listing of the company, date of IPO listing, number of earning per share (EPS), claim amount and claim settlement of last three years, due claim settlement and the amount of its.

In addition, the status of the board meeting, how many board meetings held in a year, whether management expenses are according to law, whether integrated software is used, etc. criteria have been highlighted as potential issues in the letter of BIA.

Secretary General of BIA, Nishit Kumer Sharker, told to the InsuranceDaily, a meeting has been called on the next 26 May regarding the issue. A policy will be formulated at that meeting, on the basis of which the best insurer will be selected. At the same time, how many insurers to be selected for the award in the life and non-life sectors will also be decided at the meeting.