B Mirror Report : The Chairman of the Insurance Development and Regulatory Authority (IDRA), Mir Nadia Nivin, has announced a comprehensive three-pillar reform roadmap aimed at restoring public confidence in Bangladesh’s insurance sector, strengthening its role as a source of long-term investment, and enhancing the industry’s overall capacity.

Speaking at a seminar titled “Challenges, Prospects and the Way Forward for the Insurance Sector,” organized by the Insurance Reporters Forum (IRF) on Saturday, the IDRA chief said that settling nearly Tk 7,000 crore in outstanding insurance claims would be the regulator’s top priority.

She said the reform plan focuses on three key areas: rebuilding policyholders’ trust, establishing insurance as a major long-term investment vehicle, and improving the sector’s financial and institutional strength to ensure sustainable growth.

According to the IDRA chairman, the regulator will hold separate discussions with insurance companies to identify their financial and operational challenges. Measures such as asset sales, recovery of blocked funds, and other financial solutions will be explored to accelerate claim settlements. Discussions will also be held with Bangladesh Bank regarding fixed deposits trapped in weak banks and the possible encashment of treasury bonds.

Mir Nadia Nivin stated that if these measures fail to resolve the remaining liabilities, the government may be requested to consider a one-time bailout package. However, she stressed that insurance companies and the regulator must first demonstrate effective governance reforms and risk management to prevent similar crises in the future.

She also emphasized that a stronger insurance industry would support Bangladesh’s economic growth and capital market development by becoming a major institutional investor. In addition, she announced plans to introduce new policies for microinsurance and Takaful (Islamic insurance), while encouraging universities to offer insurance-related academic programs to develop skilled professionals for the industry.

The seminar was attended by the Prime Minister’s Adviser on Economy and Planning, Dr. Rashed Al Mahmud Titumir, as the chief guest. Bangladesh Insurance Association (BIA) President Saeed Ahmed and Bangladesh Insurance Forum (BIF) President BM Yusuf Ali were present as special guests.