Life insurance claims settlement ratio rises to 72% in 2023 | The Business Standard
Skip to main content
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Monday
May 26, 2025

Sign In
Subscribe
  • Epaper
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
MONDAY, MAY 26, 2025
Life insurance claims settlement ratio rises to 72% in 2023

Stocks

TBS Report
28 February, 2024, 10:35 pm
Last modified: 28 February, 2024, 10:38 pm

Related News

  • International Leasing incurs Tk860cr loss in 2024
  • Ctg Waterlogging: City mayor cries for Tk300cr equipment 
  • Airlines GSA Forum of Bangladesh officially launched
  • NBFIs see Tk1,000cr reduction in default loans during Oct-Dec
  • NBR protesters call off indefinite strike after assurance of ordinance amendment from finance ministry

Life insurance claims settlement ratio rises to 72% in 2023

The sector saw improvement in claims settlement ratio due to various initiatives undertaken by the Insurance Development and Regulatory Authority (IDRA), said its chairman Mohammad Jainul Bari.

TBS Report
28 February, 2024, 10:35 pm
Last modified: 28 February, 2024, 10:38 pm
Representational image.
Representational image.

The claims settlement ratio for life insurance companies in the country has reached 72% in 2023, marking a significant 5.03% increase compared to the previous year.

The sector saw improvement in claims settlement ratio due to various initiatives undertaken by the Insurance Development and Regulatory Authority (IDRA), said its chairman Mohammad Jainul Bari at a press conference in Dhaka on Wednesday (28 February) on the occasion of National Insurance Day to be observed on 1 March.

He further announced that Prime Minister Sheikh Hasina will be chief guest at the official programme to be observed to mark the day on 1 March, with Finance Minister Abul Hassan Mahmood Ali in the chair.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Jainul Bari said "Life insurance companies paid Tk8,754 crore out of a total claim amount of Tk12,117 crore in 2023. This translates to a claims settlement ratio of Tk72 for every Tk100 of claims received."

"To brighten up the image of the insurance sector, the authorities have been directing the insurance companies to give utmost importance to the payment of insurance claims."

Mohammad Jainul Bari, Chairman, IDRA

The term "claims settlement ratio" refers to the percentage of claims resolved by an insurance provider during a year out of the total claims received. This metric reflects an insurer's credibility by comparing successful claims resolutions to total customer requests.

In 2023, the claims settlement of the insurance sector rose 4% compared to the previous year, the IDRA chairman said.

He mentioned that 82 authorised insurers are now providing insurance services in the country. Currently 1.71 crore people of the country are covered by insurance. "To brighten up the image of the insurance sector, the authorities have been directing the insurance companies to give utmost importance to the payment of insurance claims," the IDRA chairman added.

"Corporate Governance Guidelines 2023 and Regulatory Sandbox Guidelines have been issued to modernise the country's insurance system. Bancassurance has been introduced to market insurance products through banks which will be inaugurated by the PM on Insurance Day. Already five banks have signed an agreement in this regard," he said.

The IDRA chairman said 19 life insurance companies paid claims around 80–90% while 10 companies paid 70% of claims. "The rest of the companies could not pay claims properly as they were unable to pay. Here, the regulator could not do anything," he added.

Jainul Bari said IDRA is working with microcredit authorities so that more people are included in the insurance sector. "Besides, numerous tools are pending like solvency margin regulation and risk-based supervision. If it is possible to run these tools, it will play a vital role in building confidence in the insurance sector."

Industry insiders say a few years ago, the companies used to spend excessively to increase business procurement.

"For instance, to bring fresh Tk100, we used to spend Tk120. This is why it was difficult for life insurance companies to build adequate life funds to meet the claims of policyholders back then," a senior official told TBS.

Bangladesh / Top News

life insurance / Bangladesh / Settlement

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Showkat Aziz Russell, Anwar-ul Alam Chowdhury Parvez, Razeeb Haider. Photos: Collected
    Business leaders decry 'economic assassination' amid crippling gas crisis
  • A BNP delegation led by senior leader Khandaker Mosharraf Hossain meets with Chief Adviser Muhammad Yunus during a meeting at Guest State House Jamuna on 24 May 2025. Photo: CA Press Wing
    Stalemate over election: Resolving or deepening?
  • Chief Adviser Muhammad Yunus. File Photo: CA Press Wing
    CA meeting with BNP, Jamaat, NCP and 20 others: What was said

MOST VIEWED

  • Infographic: TBS
    New transport strategy for Dhaka seeks to promote walking, cycling
  • Representational image: Collected
    Minimum tax may rise to Tk5,000 for individuals, Tk1,000 for new filers
  • File photo of Sajib Barai. Photo: TBS
    Barishal medical student ends life after citing 'excessive academic pressure'
  • FIre service officials taking the bodies after a truck hitting a motorcycle in Banani left two people killed on the spot on 25 May 2025. Photo: TBS
    2 killed after truck hits motorcycle in Banani
  • Ports crippled as NBR officials escalate protests, threaten full trade halt
    Ports crippled as NBR officials escalate protests, threaten full trade halt
  • BNP senior leaders and CA at Jamuna on 24 May evening. Photo: CA Press Wing
    Talks with CA: BNP calls for swift completion of reforms for elections in Dec, removal of 'controversial' advisers

Related News

  • International Leasing incurs Tk860cr loss in 2024
  • Ctg Waterlogging: City mayor cries for Tk300cr equipment 
  • Airlines GSA Forum of Bangladesh officially launched
  • NBFIs see Tk1,000cr reduction in default loans during Oct-Dec
  • NBR protesters call off indefinite strike after assurance of ordinance amendment from finance ministry

Features

The Hili Land Port, officially opened in 1997 but with trade roots stretching back to before Partition, has grown into a cornerstone of bilateral commerce.

Dhaka-Delhi tensions ripple across Hili’s markets and livelihoods

3h | Panorama
Photo: Collected

Desk goals: Affordable ways to elevate your study setup

9h | Brands
Built on a diamond-type frame, the Hornet 2.0 is agile but grounded. PHOTO: Asif Chowdhury

Honda Hornet 2.0: Same spirit, upgraded sting

10h | Wheels
The well has a circular opening, approximately ten feet wide. It is inside the house once known as Shakti Oushadhaloy. Photo: Saleh Shafique

The last well in Narinda: A water source older and purer than Wasa

2d | Panorama

More Videos from TBS

27 wildlife rescued in mini zoo raid

27 wildlife rescued in mini zoo raid

2h | TBS Stories
How the small country in South America has become the subject of research.

How the small country in South America has become the subject of research.

2h | Others
All Israeli armored brigades are now deployed in Gaza

All Israeli armored brigades are now deployed in Gaza

2h | TBS World
India-Pakistan, China-Iran; Why is everyone pulling the Taliban closer?

India-Pakistan, China-Iran; Why is everyone pulling the Taliban closer?

3h | Others
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net