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Use insurance industry for humanitarian welfare: PM

Use insurance industry for humanitarian welfare: PM

“I hope you (insurance companies) will use the insurance industry for humanitarian welfare and play a more effective role in keeping production and economy out of risk,” she said.

The prime minister was addressing as the chief guest the inaugural ceremony of the 15th International Conference on Inclusive Insurance at Pan Pacific Sonargaon Hotel this afternoon.Sheikh Hasina described inadequacy of information as a major problem for insurance customers.

She said consumers’ confidence in the insurance industry decreases and sometimes they are deceived too, as they remain in the dark about how many installments have been deposited and whether the installment money has actually been credited to the head office.

“To overcome the problem, the process of Unified Messaging Platform (UMP) is underway,” she said.

Sheikh Hasina requested the owners of the insurance companies to give importance to the issue of social responsibility alongside making profit.

Putting emphasis on introduction of micro insurance schemes to tackle climate change risk, she said it will greatly benefit lower income group people affected due to natural calamities.

Bangladesh Insurance Association (BIA) has arranged the three-day conference in association with Munich Re Foundation and Microinsurance Network (MiN) with the theme ‘Coping With Climate Risk’.Finance Minister AHM Mustafa Kamal, Senior Secretary of the Financial Institutions Division under the Ministry of Finance Ashadul Islam and Chairman of Bangladesh Insurance Development Authority Shafiqul Rahman Patwary were present as the special guests at the function.

Chairman of Munich Re Foundation Thomas Loster and Chairman of Microinsurance Network (MiN) Doubell Chamberlain also spoke on the occasion as special guests.

BIA President Sheikh Kabir Hossain presided over the function, while its First Vice-President Prof Rubina Hamid delivered the welcome address.

At the outset of the event, an audio-video presentation on business and insurance in Bangladesh was made.