Contain insurance sector anomalies through proper investigation: PM

Prime Minister Sheikh Hasina on Wednesday called for ensuring insurance claims are paid after proper investigation to contain anomalies in the sector.

“Make sure you pay the money demanded after proper investigation and investigation,” she said.

The Prime Minister said so while addressing a program to observe National Insurance Day 2023 at the Bangabandhu International Conference Center with the theme “My life and wealth will be safe if they are insured”.

She said there have been allegations of anomalies in payment of the money demanded, where unscrupulous people are demanding large amounts of money against their insured items.

“My request to those individuals and authorities involved in the insurance sector to remain vigilant to ensure investigations are made to find out the actual loss from any incident,” she said.

She asked them not to pay any money without conducting a proper investigation and bowing to pressure from an influential person.

She asked all people and authorities working in the insurance sector to seriously deal with various anomalies in this sector.

“Please don’t give in to pressure. A lot of people come to us, to me and the ministers or other people, for favors, but you have to find out the real loss,” she said.

Hasina said any person can claim a hefty sum for their insured item, but the relevant authorities are required to pay the money after proper investigation and verification.

“Why isn’t this implemented? Should I then think that the investigators are also the beneficiaries of this (anamalia)? I doubt they’re involved in that either,” she said.

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She mentioned that she doesn’t want insurance companies to get a bad rap because she’s a member of that family too. ‘I have to take care of it.’

She also urged insurance companies to publicize their different types of products among people, since they are sometimes reluctant to purchase an insurance policy.

When asked by insurance companies, the Prime Minister said the government would look into the matter that without proper insurance, no vehicle would be allowed on the roads.

“We need to keep this matter under close scrutiny,” she said.

IDRA Chairman Mohammad Jainul Bair, Bangladesh Insurance Association President SK Kabir Hossain and Financial Institutions Division Secretary Sheikh Mohammad Salim Ullah also spoke on the programme.

A documentary about the country’s insurance sector was shown as part of the programme.

Before that, she gave out prizes to the winners of a simple writing contest.

Bangabandhu Sheikh Mujibur Rahman joined Alpha Insurance Company on March 1, 1960 and began the insurance profession. National Insurance Day is celebrated on March 1st each year to commemorate this day.