More than seven lakh insurance agents, especially those who sell policies in this sector, are still going through extreme hardships due to coronavirus pandemic.
This is because the collapse of policy sales in Corona has had a major impact on their monthly income. The average income reduction rate is 50 percent. Policy sales are almost closed during the general holiday period. Many have had to live inhuman lives. Although the situation has improved somewhat now, the fear of a worsening of the infection situation has increased their worries.
According to the Insurance Development and Regulatory Authority (IDRA), the regulatory body for the sector, there are currently six public and private life insurance and general insurance companies operating in the country. About seven and a half lakh men and women are working in different positions of these insurance companies including agents and employers of agents. After the Corona infection in the country, these commission-based insurance workers became completely unearned due to the closure of business during the general holidays.
Ayesha Begum has been working for an insurance company called MetLife since 1999 on a commission basis. He is currently the unit manager of a branch. Before Corona, Beauty used to earn a huge amount of money by selling policies to customers, but her income has come down to 50 percent due to reduced policy sales in Corona.
, “Even though I have been working in this profession for a long time, I have never been in such a situation. Before Corona, I could have done well with the monthly income from selling policies, but in the last few months, policy sales have dropped significantly. Policy sales are almost closed during public holidays. Then I had to face various problems. Because we do not have any salary-allowance outside the fixed commission for selling insurance policy. Although the situation has improved a bit now, it is not possible to communicate with people as freely as before< she told.
Arif Hossain worked for another insurance company for five years. He told, “There has been a massive collapse in policy sales in the last few months due to Corona. This has made it difficult to run the family. I have broken the savings I had accumulated so many days ago. Now the savings are over. If the situation does not improve quickly, there will be no other way but to sit on the road.
The Bangladesh Insurance Association (BIA), an association of insurance owners, has already applied to the government in two phases to provide incentives to insurance agents. An application was also made to the chairman of the regulatory body IDRA, but no progress has been made in this regard.
It is known that on August 31, BIA President Sheikh Kabir Hossain, Chief Secretary to the Prime Minister. Ahmed sent a petition to Prime Minister’ Office in this regard. Earlier on May 22, the BIA appealed to the Prime Minister for financial assistance.
When asked, Sheikh Kabir Hossain told, ‘Insurance agents have the most problems in Corona. We have also written to the government and the IDRA for financial assistance highlighting their problems, but so far we have not seen any progress. Asked if the policy sale situation has improved a bit now, Sheikh Kabir said, “A slight improvement cannot be called an improvement. Meanwhile, there is talk of a second wave of corona. If this happens, the insurance industry will face bigger losses.