IDRA honours insurers with insurance excellence award 2025

The Insurance Development and Regulatory Authority (IDRA) organised the 'IDRA Insurance Excellence Award 2025' ceremony to recognise excellence in ethics, transparency and good governance in Bangladesh's insurance sector, with the aim of strengthening public confidence in the industry.

The event was held on Thursday evening at the Grand Ballroom of Pan Pacific Sonargaon Hotel in Dhaka. Special assistant to the chief adviser Anisuzzaman Chowdhury attended the programme as the chief guest, while secretary Nazma Mobarek of the Financial Institutions Division was present as the special guest.

Distinguished guests included Adiba Ahmed, first vice-president of the Bangladesh Insurance Association, and BM Yousuf Ali, president of the Bangladesh Insurance Forum.

At the programme, IDRA member (administration) Md Fazlul Haque delivered the welcome address. A documentary titled 'IDRA: A Journey of Positive Transformation' was also screened.

Selected insurance companies were later honoured with the IDRA Insurance Excellence Award 2025 in recognition of their contributions to ethical conduct, transparency and good governance.

Among non-life insurance companies, Pragati Insurance PLC secured first place, followed by Sadharan Bima Corporation in second place, Reliance Insurance PLC in third place and Green Delta Insurance PLC in fourth place. Eastland Insurance PLC, Sena Insurance PLC and United Insurance Company Limited jointly secured fifth place.

Among life insurance companies, American Life Insurance Company (MetLife) secured first place, followed by Pragati Life Insurance PLC in second place, Delta Life Insurance Company Limited in third place and Jiban Bima Corporation in fourth place. National Life Insurance PLC and Guardian Life Insurance Limited jointly secured fifth place.

During the award presentation session, chief executive officer Md Syed Sehab Ullah Al-Manjur of Pragati Insurance PLC said the total financial loss from the aircraft accident at Hazrat Shahjalal International Airport amounted to approximately Tk12 billion.

'Pragati Insurance PLC has paid around Tk300 million in compensation despite receiving only Tk1.6 million in premiums. Through this payment, we demonstrated our commitment to standing beside businesses during crises and ensuring timely financial support,' he said.

Chief executive officer Mohammad Ala Uddin Ahmad of MetLife Bangladesh said the recognition would further strengthen the company's resolve to comply with all regulatory requirements, including solvency margins, and contribute sustainably to the national economy.

Bangladesh Insurance Forum president BM Yousuf Ali urged the approval of the draft Insurance Regulation Act 2025, while Bangladesh Insurance Association first vice-president Adiba Ahmed said such recognition initiatives encourage excellence, transparency and professionalism across the sector.

In her remarks, secretary Nazma Mobarek said IDRA had played a commendable role in policy formulation, regulatory supervision and strengthening good governance. She noted that the government aims to make the insurance sector more customer-friendly, transparent and accountable through improved service quality, faster claim settlement and greater use of technology.

She added that public trust could be enhanced through digitalisation and announced that a new project would soon be launched to support the digital transformation of the insurance sector.

In his presidential address, IDRA chairman Dr M Aslam Alam said timely implementation of insurance-related laws is essential for recovery and sustainable development. He emphasised that digitalisation is now a necessity to enhance transparency, accountability and customer trust, while also highlighting the shortage of trained human resources as a key challenge for the sector.

He said the award evaluation was conducted using data from the 2022–23 and 2023–24 fiscal years, based on indicators such as premium growth, claim settlement performance, management efficiency, operational expenditure and top management quality. Similar evaluations would be conducted in the next phase using updated 2026 data, he added.

Addressing the event, special assistant to the chief adviser Anisuzzaman Chowdhury said Bangladesh's insurance sector is undergoing rapid transformation through digitalisation, technology-driven services, online policy issuance and faster claim settlement.

'A modern, technology-driven and well-governed insurance sector will strengthen Bangladesh's industrial, commercial, SME, agricultural and social protection systems and help sustain long-term development,' he said.

IDRA expressed hope that recognising 13 insurance companies under the IDRA Insurance Excellence Award 2025 would help drive positive transformation, excellence and greater public confidence in the country's insurance sector.