Premiums collected by the insurance sector in 2022 rose nearly 17 percent year-on-year in spite of businesses facing challenges amid the pandemic and Russia-Ukraine war. .

The growth was 16.81% to be exact, with the total reaching Tk 16,812 crore, according to data from the Insurance Development and Regulatory Authority (IDRA). Of the amount, life insurance drew Tk 11,399 crore and non-life the rest.

Educated manpower in the insurance sector is lower than the demand. In many cases, there are problems with the code of conduct of insurance agents. Due to these reasons, this industry has not grown as much as it should have, said Mohammad Jainul Bari, chairman of the IDRA.

A Bangladesh Insurance Sector Development Project has been taken up at a cost of Tk 632 crore, with the completion deadline extended till December 2023, he informed.