IDRA clears Tk14.51cr in insurance claims for 2,549 policyholders

The Insurance Development and Regulatory Authority (IDRA) has taken a special initiative to expedite the settlement of policyholders' insurance claims and restore public confidence in the insurance sector.

As part of the initiative, IDRA Chairman Mir Nadia Nivin handed over insurance claim cheques to policyholders of seven life insurance companies at a programme held at the authority's conference room in Dhaka today (3 September).

According to IDRA data, a total of Tk14,51,03,146 was settled in insurance claims for 2,549 customers through 94 cheques at the event.

The cheques were distributed among policyholders of Baira Life Insurance Company Ltd, Fareast Islami Life Insurance Company Ltd, Golden Life Insurance Company Ltd, Homeland Life Insurance Company Ltd, Padma Islami Life Insurance Company Ltd, Progressive Life Insurance Company Ltd, and Sunflower Life Insurance Company Ltd.

Under the IDRA initiative, Baira Life paid Tk4.52 lakh to eight customers, Far East Islami Life paid over Tk5.42 crore to 528 customers, Golden Life paid Tk2.51 lakh to four, and Homeland Life paid Tk10.66 lakh to 15 customers.

Padma Islami Life paid Tk1.95 crore to 624 customers, Progressive Life paid over Tk6.90 crore to 1,350 customers, and Sunflower Life paid Tk5.21 lakh to 20 customers.

IDRA Chairman Mir Nadia Nivin said, "Ensuring timely payment of policyholders' legitimate claims is one of IDRA's key priorities. The speed and transparency of claim settlement must be increased further to rebuild public confidence in the insurance sector."

"IDRA will take all necessary measures to protect the interests of policyholders," she added.

IDRA said settling insurance claims would ensure the financial rights of policyholders and help increase public confidence in the insurance sector.