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Bangladesh - February 29, 2024

Nat’l Insurance Day today

President, PM issue messages

Staff Correspondent : National Insurance Day-2024 will be observed in the country today in a befitting manner.
On the eve of the day, President Mohammed Shahabuddin and Prime Minister Sheikh Hasina in separate messages today greeted all involved in the insurance industry, including insurance companies and the common people.
The theme of the day is ‘Karbo Bima Garbo Desh, Smart Hobe Bangladesh’.
In the message President Mohammed Shahabuddin said the journey of the insurance industry in independent Bangladesh began with the hands of the Great Architect of Independence and Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
Bangabandhu Sheikh Mujibur Rahman joined the Alpha Insurance Company on March 1, 1960 and took up insurance as a profession, he said, adding that in commemoration of this day, National Insurance Day is celebrated on March 1 every year.
He said Bangabandhu nationalized all insurance companies and afterwards, two insurance companies merged. At present, besides two state-owned insurance companies, 36 life and 46 non-life insurance companies are engaged in ensuring life and financial security in the country.
The President said the role of insurance industry in ensuring financial security against the risk management of wealth and life of the people side by side crating scope of savings. Proper planning, use of technologies and introduction of new insurance schemes and ensuring transparency and professionalism in insurance sector are important, he added.
In her message, Prime Minister Sheikh Hasina said the dream of Father of the Nation Bangabandhu Sheikh Mujibur Rahman was to ensure the welfare and prosperity of the people of the country by achieving economic emancipation.
The Awami League (AL)-led government is determined to build a better economic system in the country by implementing that dream, the premier said, adding that insurance plays a protective role in this path of development.
She said the contribution of the insurance sector to the gross domestic product (GDP) will have to be increased like the developed countries to build a ‘Smart Bangladesh’ as the target of Awami League government is to take the country to the level of developed countries by 2041.
In this regard, the government has taken various activities including the ‘Bangladesh Insurance Sector Development Project which will help ensure client service, transparency and accountability, Sheikh Hasina said, adding that the present government has been working relentlessly to solve the insurance sector’s problems. She said Bancassurance policy has already been launched to bring a large number of people under insurance coverage. Besides, ‘Probasi Karmi Bima’, ‘Bangabandhu Shikha Bima’ and ‘Bangabandhu Surakha Bima’ for physically challenged people have been introduced, she added.
Initiatives will have to be taken to bring the members of backward communities under insurance coverage, she said, laying emphasis on introducing various insurance schemes like health insurance, livestock insurance, small insurance, agro insurance and climate change risk insurance for the people of coastal areas.
She hoped that the pragmatic steps taken by the government will modernize the insurance sector and ensure quality of customer service through transparency and accountability.
The premier believed that the insurance industry will make a special contribution to building a sustainable economy through the extensive use of information technology.
She underscored the need for providing quick payment of insurance claims in order to gain the trust of the customers.

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