Dhaka, Feb. 6 -- The insurance sector in Bangladesh contributes only 0.5 percent to the country's Gross Domestic Product (GDP), a figure that industry experts are now calling for a series of strategic measures to increase the contribution of this sector to 10% of GDP, a target that many believe could propel the country's economy forward while providing financial protection to millions of citizens and for sustainable economic growth.

At present, the sector lags behind regional peers due to low penetration, lack of awareness, and regulatory challenges.

According to the Bangladesh Insurance Association (BIA), the insurance sector's contribution to GDP currently stands below 1%. In comparison, countries like India and Malaysia have insuranc...