7,641 policyholders to receive Tk26.37cr in insurance claims on 4 Oct

A total of 7,641 policyholders will receive Tk26.37 crore in insurance claims on 4 October under the third phase of a claim settlement initiative by the Insurance Development and Regulatory Authority (IDRA).

The payments are aimed at settling long-pending valid insurance claims, rebuilding policyholders' confidence and improving governance in the insurance sector, according to an IDRA press release issued today (1 October).

The third phase covers six life insurance companies, with Padma Islami Life Insurance Company Ltd accounting for the largest payment of Tk9 crore to 2,348 policyholders.

Progressive Life Insurance Company Ltd will pay Tk6.78 crore to 2,140 policyholders, while Sunlife Insurance Company Ltd will pay Tk5.35 crore to 1,573 policyholders.

Homeland Life Insurance Company Ltd will pay Tk4.88 crore to 1,381 policyholders, Sunflower Life Insurance Company Ltd Tk30 lakh to 165 policyholders, and Baira Life Insurance Company Ltd Tk5.82 lakh to 34 policyholders.

The initiative is part of ongoing reforms led by IDRA Chairman Mir Nadia Nivin, the release said.

In the first two phases, IDRA facilitated the payment of Tk37.55 crore to 8,417 policyholders.

The first phase, held on 3 September, saw Tk14.51 crore paid to 2,549 policyholders, while Tk23.04 crore was paid to 5,868 policyholders in the second phase on 14 September.

After completion of the third phase, a total of 16,058 policyholders will have received Tk63.91 crore through the three phases, according to IDRA.

The regulator said the continued settlement of long-pending valid claims would help establish good governance, transparency and accountability in the insurance sector and restore customer confidence.

It also said initiatives to protect policyholders' interests and continue reforms in the insurance sector would be maintained.