2,549 policyholders receive Tk 14.51cr in insurance claims

The Insurance Development and Regulatory Authority (IDRA) has taken an initiative to speed up insurance claim settlements and restore customers’ confidence in the sector, paying Tk 14.51 crore in claims to 2,549 policyholders of seven life insurance companies.
The claim cheques were handed over to policyholders at a programme held at the IDRA conference room on Thursday (September 3).
IDRA Chairman Mir Nadia Nivin handed the cheques to the beneficiaries.
According to IDRA, a total of 94 cheques were issued to settle the claims.
Of the total amount, Tk 5.43 crore was paid to 528 policyholders of Far East Islami Life Insurance, while 1,350 policyholders of Progressive Life Insurance received Tk 6.90 crore.
Meanwhile, 624 policyholders of Padma Islami Life Insurance received Tk 1.95 crore.
Claims were also settled for policyholders of four other companies. Homeland Life Insurance paid Tk 10.66 lakh to 15 customers, Sunflower Life Insurance paid Tk 5.21 lakh to 20 customers, Bayra Life Insurance paid Tk 4.52 lakh to eight customers, and Golden Life Insurance paid Tk 2.51 lakh to four customers.
Speaking at the programme, IDRA Chairman Mir Nadia Nivin said ensuring timely payment of legitimate claims to policyholders is one of the authority’s key priorities.
“Greater speed and transparency in claim settlement are needed to rebuild public confidence in the insurance sector,” she said.
She added that IDRA would take all necessary measures to protect the interests of policyholders.
The regulator believes that settling outstanding insurance claims will not only safeguard the financial rights of policyholders but also help strengthen public confidence in the country’s insurance industry.