'Already we have started working with the unlisted insurance companies to get them listed with the capital market'
Unlisted insurers have started the process to get listed with stock market within the December deadline as per the instruction of Finance Minister AHM Mustafa Kamal.
Bangladesh Insurance Association (BIA) President Sheikh Kabir Hossain made the claim at a press conference in the capital yesterday.
“Already we have started working with the unlisted insurance companies to get them listed with the capital market,” Kabir said replaying to a question at a press conference on “5-day long 15th international micro-insurance conference”.
The conference begins at Pan Pacific Sonargaon hotel on November 4.
Bangladesh Insurance Association (BIA) organized the press conference at its office at Naya Paltan.
“Seven to eight insurers already have applied to get listed. It is hoped that within the next three months, all unlisted insurers will start their activities to get listed,” he added.
In a meeting with chairpersons and managing directors of all the insurance companies on September 15, Finance Minister AHM Mustafa Kamal threatened to cancel licences of unlisted insurance companies if they did not get listed by this year.
Out of the 78 insurance firms operating in Bangladesh, 31 are still out of the capital market.
Prime Minister Sheikh Hasina is expected to inaugurate the conference on November 5.
Bangladesh Insurance Association (BIA) and German- based Munich Re Foundation would jointly organize the conference. Munich Re Foundation is working on insurance development around the world. The conference would be supported by the Luxembourg-based Microinsurance Network (MiN), said organizers.
The theme of the conference is “Inclusive insurance for emerging markets: coping with climate risks”.
A total of 450 representatives and insurance specialists from 40 to 50 countries will participate in the conference, where 25 sessions will be held with the participation of experts from insurance sector in the country. The conference ends on November 8.
The organizers said the contribution of local insurance sector to GDP was less than one percent, while India contributed 12% and Pakistan 5% to their respective GDPs.
BIA senior vice president Professor Rubina Hamid, Vice President MM Monirul Alam and Executive Committee member Mozaffar Hossain Paltu, PK Roy and Adeeba Rahman were present.
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