People’s insurance calls for discipline and ethics in non-life insurance sector

People's Insurance Company Limited held its Annual Business Conference 2026, where senior executives emphasised the company's principled stand against commission-driven irregularities in the insurance sector.

The executives declared that People's Insurance sets an example of discipline and ethics in the industry. They urged all stakeholders to unite to overcome the long-standing 'commission epidemic' in the non-life insurance sector.

The conference was held on Saturday at the University of Information Technology and Sciences in Baridhara, Dhaka.

Speakers warned that unchecked agent commissions pose a serious threat to the non-life insurance industry. In this context, many called the Insurance Development and Regulatory Authority's decision to suspend individual agent licences a landmark, timely step.

Speaking as chief guest, Director Amir Humayun Mahmud Chowdhury stated that ensuring the highest level of service for insurance customers and prospective clients is key to business growth and sustainable profitability. Customer satisfaction, he said, is central to building reputation and expanding business operations.

Emphasising the importance of bancassurance, he added that banking channels can ensure transparency and reliability in both premium collection and policy issuance.

Director Mohammad Ali Hossain said implementing the IDRA circular would resolve insurance sector issues, strengthen policyholder protection, and improve business operations. He stressed the need for new products to grow shareholder value.

Chief Executive Officer SM Azizul Hossain reviewed the company's 2025 business performance and announced its business targets and action plan for 2026. He presented branch-level performance and achievement data, urging officials to conduct business strictly in accordance with the IDRA's regulatory guidelines.

Officials from branch offices also spoke at the conference. These included Additional Managing Director Abdullah-al-Mamun of the local office, AMD Md Alauddin, Deputy Director Md Safrinur Rahman, AMD Md Shahnewaz Khan of the Karwan Bazar branch, Assistant Managing Director Md Abdus Samad of the Rajshahi branch, Saidpur Branch Head Md Khurshid Alam, and Naogaon Branch Head Abu Md Abdullah-al-Mamun. Company consultant M.H. Khaled moderated a question-and-answer session based on their remarks.

Company Secretary Sheikh Md Sarfaraz Hossain moderated the conference, and Chairman of the Board of Directors Jafar Ahmed Patwary chaired it. He asserted that the lively discussions by guests and speakers, the CEO's clear business roadmap, and the board's guidance would make future action plans more effective and dynamic. He also predicted that knowledge sharing and feedback from officials would play a key role in future policy formulation.

Directors, senior executives from the head office and branches, and former and current board members attended the event.