Payments against claims of around 10 lakh policyholders are hanging in the balance as 29 life insurance companies are not clearing dues owing to a liquidity crisis, official figures showed.
Idra sees 24,605 complaints against 14 insurers in 2023 till now dhakatribune.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dhakatribune.com Daily Mail and Mail on Sunday newspapers.
More than a dozen life insurance companies settled only 14.09 percent of the 24,605 complaints they received in the first 10 months this year, creating uncertainty about whether policyholders will get back their money, official figures showed.
Claim settlement in the insurance sector in Bangladesh stood at 67 percent in 2022, highlighting bad investments and non-compliance that prevented insurers from attaining a higher ratio, data from the regulator showed.
A number of life insurance companies in Bangladesh struggled to settle claims in 2022 due to a lack of liquidity resulting from bad investments and fund embezzlement by their chairmen and directors.