Political Unrest
Insurers asked to promptly settle claims against damage
The Insurance Development and Regulatory Authority has recently asked all the insurance companies to settle clients’ claims promptly as the number of losses increased remarkably due to the ongoing political unrest. IDRA chairman M Shafeque Ahmed made the call on January 9 following allegations of non-cooperation from the insurance companies in settling the claims.
‘The insurance regulator was informed by different sources that the insurer companies are not cooperating with the policy holders to settle their claims,’ the IDRA directive said.
It is also alleged that insurer companies are discouraging their clients in filing claims against losses the policy holders incurred due to the political violence which is not acceptable, the insurance regulator said.
The non-cooperation with the clients is also hampering the expansion of the insurance sector, the IDRA said.
‘I am not fully agreed with the allegation raised by the insurance regulator as most of the companies are willing to pay claims as per the agreement. But, it might take time some times in case of re-insurance-related policy and for claim assessment report of the surveyor companies,’ Bangladesh Insurance Association chairman Sheikh Kabir Hossain told New Age when asked about the issue.
-With New Age input
