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With evidence surfacing of a couple of insurance companies misusing funds of policyholders, the insurance regulator has directed them to refrain from borrowing from banks using life funds as collaterals.
Bangladesh lost up to 1.1 per cent of its gross domestic product (GDP) between 2016 and 2020 because of natural disasters such as floods, cyclones and salinity, and much of these losses could be reduced by providing insurance to the underserved population and protecting vulnerable communities.
Bangladesh, which has one of the lowest insurance penetrations in the world, is missing out on tapping the potential of the insurance sector using technologies for a lack of recognition of insurtech by regulators, said experts and industry people yesterday.
The government has appointed former secretary Mohammad Jainul Bari as the new chairman of the Insurance Development & Regulatory Authority (IDRA), said the finance ministry in circular today.
M Mosharraf Hossain, chairman of the Insurance Development & Regulatory Authority (IDRA), has stepped down, citing personal reasons.