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Information and Broadcasting Minister Zahir Uddin Swapon on Tuesday stressed the need for a strong and modern legal framework for Bangladesh’s insurance sector, saying it is essential to restore public confidence, strengthen financial security and support the country’s economic growth.
Addressing the 42nd founding anniversary programme of National Life Insurance PLC at the Officers’ Club in the capital as the chief guest, the minister said no modern economy can function efficiently without a reliable insurance system backed by clear laws and effective regulation.
“No modern economic transaction can operate solely on the basis of trust or distrust,” Swapon said. “A time-befitting legal framework must be developed to assure citizens, protect policyholders and enhance public confidence in the insurance sector.”
Describing insurance as a key pillar of economic development, he said it provides financial protection to individuals and businesses, enabling them to invest, innovate and take calculated risks with greater confidence.
“Insurance is not merely a service-oriented business; it is one of the driving forces of a modern economy,” he said. “When people feel financially secure through life insurance and other forms of protection, they are more willing to utilise their talents, invest in new ventures and contribute to national development.”
Swapon said expanding insurance coverage would not only strengthen social protection but also help mobilise long-term domestic savings, which are essential for sustainable economic growth.
Referring to the country’s economic challenges, the minister said the present government inherited a fragile economy and is working to address structural weaknesses under the leadership of Prime Minister Tarique Rahman.
“We did not assume office simply to administer the country in the conventional way,” he said. “We inherited an economy facing multiple challenges. We must determine how much money was laundered abroad, how much remained outside the tax system and how much revenue could not be brought into the national economy.”
He said the government had identified many of these structural problems before taking office and is now focusing on reforms aimed at creating a stronger and more transparent economic foundation.
“Unless these longstanding weaknesses are addressed through comprehensive reforms, achieving sustainable economic progress will remain difficult,” he added.
The minister also urged the Bangladesh Insurance Association (BIA) to present the sector’s challenges and policy recommendations to the finance minister so that necessary reforms could be undertaken in consultation with industry stakeholders.
Calling for close cooperation between the government and the private sector, Swapon said all stakeholders should work together to expand insurance services, improve governance and build a more effective regulatory and policy framework capable of meeting the demands of a modern economy.
The programme was chaired by National Life Insurance Chairman Tofazzal Hossain. Among others, Bangladesh Insurance Association President Sayeed Ahmed, MP, attended as the special guest, while National Life Insurance Chief Executive Officer Md Kazim Uddin delivered the welcome address.
Senior officials from the insurance industry, business leaders and invited guests were also present at the event.
