The Insurance Development and Regulatory Authority (IDRA) today organized the “IDRA Insurance Excellence Award 2025” ceremony to recognize excellence in ethics, transparency, and good governance in Bangladesh’s insurance sector and to further strengthen public confidence in the industry, a press release said.
The event was held on Thursday evening at the Grand Ballroom of Pan Pacific Sonargaon Hotel in Dhaka, where Dr. Anisuzzaman Chowdhury, Honorable Special Assistant to the Chief Adviser of the Government of the People’s Republic of Bangladesh, attended as the Chief Guest. Ms. Nazma Mobarek, Secretary of the Financial Institutions Division, was present as the Special Guest.
Distinguished guests at the event included Adiba Ahmed, First Vice President of the Bangladesh Insurance Association, and B M Yousuf Ali, President of the Bangladesh Insurance Forum.
At the program, Md. Fazlul Haque, Member (Administration) of IDRA, delivered the welcome address. A documentary titled “IDRA: A Journey of Positive Transformation” was also screened on the occasion.
Later, selected insurance companies were awarded the IDRA Insurance Excellence Award 2025 in recognition of their outstanding contributions to ethics, transparency, and good governance in the insurance sector.
Among non-life insurance companies, Pragati Insurance PLC secured first place, followed by Sadharan Bima Corporation in second place, Reliance Insurance PLC in third place, and Green Delta Insurance PLC in fourth place. Eastland Insurance PLC, Sena Insurance PLC, and United Insurance Company Limited jointly secured fifth place.
Among life insurance companies, American Life Insurance Company (MetLife) secured first place, followed by Pragati Life Insurance PLC in second place, Delta Life Insurance Company Limited in third place, and Jiban Bima Corporation in fourth place. National Life Insurance PLC and Guardian Life Insurance Limited jointly secured fifth place.
During the award presentation session, Md. Syed Sehab Ullah Al-Manjur, Chief Executive Officer of Pragati Insurance PLC, said, “The total financial loss resulting from the aircraft accident at Hazrat Shahjalal International Airport amounted to approximately BDT 12 billion. Pragati Insurance PLC has paid around BDT 300 million in compensation, despite receiving only BDT 1.6 million in premiums. Through this payment, we have demonstrated our commitment to standing beside businesses during crises and ensuring timely financial support for those affected.”
Mohammad Ala Uddin Ahmad, Chief Executive Officer of MetLife Bangladesh, said, “This recognition will further inspire us to move forward with greater determination. By complying with all regulatory requirements, including solvency margins, we remain committed to making a positive and sustainable contribution to the national economy.”
- M. Yusuf Ali, President of the Bangladesh Insurance Forum, urged the approval of the draft Insurance Regulation Act 2025.
Adiba Ahmed, First Vice President of the Bangladesh Insurance Association, said, “Recognition initiatives like this encourage excellence, transparency, and professionalism in the insurance sector and play a significant role in the industry’s overall development.”
In her remarks, Ms. Nazma Mobarek, Secretary of the Financial Institutions Division, said, “Over the past years, IDRA has played a commendable role in policy formulation, strengthening supervision, and establishing good governance. This award initiative reflects IDRA’s continued efforts. The government wants the insurance sector to become more customer-friendly, transparent, and accountable. To achieve this, the government, regulators, and insurance companies must work in close coordination. Improving customer service quality, reducing claim settlement time, and expanding the use of technology will be key to achieving these goals.”
She further stated that public trust can be strengthened through digitalization and announced that a new project will soon be launched to support the digital transformation of the insurance sector. She also called on all insurance companies to actively participate in promoting transparency, accountability, and stronger public confidence through digital initiatives.
In his presidential address, Dr. M Aslam Alam, Chairman of IDRA, said, “The timely implementation of insurance-related laws is essential to guide the sector toward recovery and sustainable development. Digitalization is now a necessity, as it will enhance transparency, accountability, and customer trust. A shortage of trained and professional human resources remains a key challenge in the insurance sector, and there is a strong need to develop skilled and competent professionals.”
He further stated that not all insurance companies should be judged in the same way, as many companies are performing well. He noted that the award evaluation was conducted based on data from the 2022–23 and 2023–24 fiscal years, considering key indicators such as premium growth, claim settlement performance, management efficiency, operational expenditure, and top management quality. He added that similar evaluations will be conducted in the next phase using updated 2026 data, and that the initiative to recognize the top five companies each year will continue, emphasizing that this recognition is meant to encourage improvement across the industry rather than to label other companies as weak.
In his address, Dr. Anisuzzaman Chowdhury, Honorable Special Assistant to the Chief Adviser, said, “Bangladesh’s insurance sector is undergoing rapid transformation. Digitalization, technology-driven services, online policy issuance, and faster claim settlement are gradually bringing the industry closer to global standards. Customers can now conveniently access insurance services through mobile apps and digital platforms, saving both time and cost. To further narrow the gap with developed countries, we must prioritize customer-centricity, transparency, and accountability. Innovation in insurance products, data-driven decision-making, and the development of skilled human resources are equally important, and IDRA’s leadership in this regard is truly commendable.”
He added, “A modern, technology-driven, and well-governed insurance sector will strengthen Bangladesh’s industrial, commercial, SME, agricultural, and social protection systems, enabling the country not only to achieve but also to sustain its development status in the long term.”
IDRA expressed hope that the recognition awarded to 13 insurance companies under the IDRA Insurance Excellence Award 2025 will play a significant role in driving positive transformation, excellence, and increased public confidence in Bangladesh’s insurance sector.
