Dhaka, June 19 -- Despite the establishment of the Insurance Development and Regulatory Authority (IDRA) in 2010 to bring order and accountability to Bangladesh's troubled insurance sector, the industry remains mired in chaos and irregularities even after 14 years.
Persistent allegations of delayed claim settlements, misappropriation of customer premiums, prolonged use of acting CEOs, and blatant violations of insurance laws have continued unabated across both life and non-life insurance companies.
Industry experts cite both weak regulatory oversight and a lack of ethical mindset among stakeholders as key reasons behind the sector's ongoing troubles.
According to the draft annual report of IDRA for FY 2023-24, as of 2023, 36 life insuran...