Dhaka, March 11 -- The Bangladesh Insurance Association (BIA) is taking strict action against insurance companies that fail to settle claims on time, as part of efforts to restore trust in the sector, said BIA President Sayeed Ahmed on Tuesday.

At the same time, the BIA is calling for reforms in policies related to investment of insurance funds in secure sectors, so that insurance companies can access their deposits from banks and financial institutions after a set period, Sayeed Ahmed said at a press conference organised by the Capital Market Journalists' Forum (CMJF) at its office in Paltan, Dhaka.

He said the insurance sector is grappling with various challenges, including the loss of customer trust.

He cited factors such as an unst...