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347,000 insurance policyholders cancel policies in 9 months
347,000 insurance policyholders cancel policies in 9 months

Report

by Rasel Mahmud

Sat, 21 Dec 24

347,000 insurance policyholders cancel policies in 9 months

In the first nine months of this year, 347,000 policyholders have canceled their policies with 36 life insurance companies operating in Bangladesh, according to the latest report by the Insurance Development and Regulatory Authority (IDRA). Industry insiders say that while the insurance sector contributes to the economy alongside banks, non-bank financial institutions (NBFIs), and the capital market, it remains plagued by distrust and instability. Despite various governmental and private initiatives, full confidence in this sector has not been restored, and the challenges are deepened by recurring policy cancellations.