Prime Minister Sheikh Hasina urged the insurance companies to utilize their industry for humanitarian welfare and stressed that the insurance can give protection even to face the natural calamities.
The Prime Minister was addressing as the chief guest in the inaugural ceremony of the 15th International Conference on Inclusive Insurance at Pan Pacific Sonargaon Hotel here on Tuesday (Nov.5) afternoon. Sheikh Hasina described inadequacy of information as a major problem for insurance customers.
She said consumers’ confidence in the insurance industry decreases and sometimes they are deceived too, as they remain in the dark about how many installments have been deposited and whether the installment money has actually been credited to the head office. Sheikh Hasina requested the owners of the insurance companies to give importance to the issue of social responsibility alongside making profit.
Putting emphasis on introduction of micro insurance schemes to tackle climate change risk, she said it will greatly benefit lower income group people affected due to natural calamities.
Bangladesh Insurance Association (BIA) has arranged the three-day conference in association with Munich Re Foundation and Micro Insurance Network (MIN) with the theme ‘Coping with Climate Risk’.
Mentioning her to be a member of Insurance family the Prime Minister said it has been proposed to declare 1st March as ‘National Insurance Day’, adding that on the day Bangabandhu Sheikh Mujibur Rahman joined the then Alpha Insurance as regional chief after coming out of Pakistani jail. We’re thinking about considering the proposal, she said. The Prime Minister said thus Father of the Nation Bangabandhu Sheikh Mujibur Rahman was involved with the insurance industry.
Finance Minister AHM Mustafa Kamal, Senior Secretary of the Financial Institutions Division under the Ministry of Finance Ashadul Islam and Chairman of Bangladesh Insurance Development and Regulatory Authority (IDRA) Shafiqur Rahman Patwary were present as the special guests at the function.
Chairman of Munich Re Foundation Thomas Loster and Chairman of Microinsurance Network (MIN) Doubell Chamberlain also spoke on the occasion as special guests.
BIA President Sheikh Kabir Hossain presided over the function, while its First Vice-President Prof Rubina Hamid delivered the welcome address. At the outset of the event, an audio-video presentation on business and insurance in Bangladesh was made.
Wishing success of the conference, the Prime Minister hoped that experts from different countries in this conference will play a role to share mutual experiences which will help create more effective and realistic programs to address climate risks through inclusive insurance policy.
Nearly 400 representatives of insurance and financial institutions from 42 countries are participating in the conference, organizers said.