The govt has allocated 13.81% of the budget for social security
Information Minister Dr Hasan Mahmud said the government has been working on turning the country into a social welfare state.
The minister made the comment while inaugurating the third Insurance Fair at the gymnasium ground of MA Aziz Stadium in Chittagong, on Friday.
"The incumbent government has allocated 13.81% of the budget for the social security net. The insurance sector can play a great role in this respect," the minister said.
Speaking as chief guest at the two-day insurance fair, the minister urged insurance companies to restore confidence among clients.
"On some occasions, clients face harassment during the settlement of insurance claims, which causes a confidence deficit. We do not want the whole sector to suffer for one or two insurance companies.
“The companies should take care so clients do not face any harassment," said Hasan, also Publicity Affairs Secretary of Awami League.
He also said: "Bangladesh could not match India in the insurance sector due to lack of awareness and confidence deficit. The insurance sector contributes only 0.67% to the country's GDP in Bangladesh, whereas it is 4.1% in India.”
Bangladesh can achieve 5% if confidence can be restored. Bangladesh is heading towards industrialization rapidly. However, employees at industries are left out of insurance coverage. Group insurance policies are essential for workers at factories," the minister further said.
Shafiqur Rahman Patwari, chairman of the Insurance Development and Regulatory Authority, said: "We have formed a dispute settlement committee. We have already resolved disputes to the tune of Tk 6,000 crore in the last one year. People are showing interest in insurance more than before."
The Insurance Development and Regulatory Authority hosted the fair with the participation of 78 insurance companies.
Earlier, a procession was brought out which paraded through different points of the city.
Chittagong City Corporation (CCC) Mayor, AJM Nasir Uddin, will be present as the chief guest on the concluding day of the fair.