Titled ‘Validation workshop on Country Diagnostic on Inclusive Insurance and Risk Finance for Bangladesh’, the event was organized on 17 November by the Financial Institutions Division (FID), Ministry of Finance (MoF), Insurance Development and Regulatory Authority (IDRA), and the United Nations Development Programme (UNDP).

“The protection of people and assets is a key component of sustainable development. And Insurance is the protection. Without insurance, achieving sustainable development will never be possible,” IDRA Chairman Mohammad Jainul Bari said.

He continued that the COVID-19 pandemic was an eye-opener on the need for expanding access to insurance for the underserved population to protect vulnerable communities from disasters.

“To mitigate the risk and bring sustainability, everyone must need to have basic knowledge of inclusive insurance and how it helps in risk financing and the overall economy of Bangladesh,” he added.

Bangladesh Insurance Association President Sheikh Kabir Hossain followed suit by pointing out that the general population has a negative impression regarding insurance. He continued, “We have to run awareness campaigns to build the trust of the people by making them more aware about insurance leading to their inclusion in the safety net.” 

“Building, retaining and supporting progress amongst a diverse workforce will only be sustainable if all members share the same outlook and have transparency. So, government and private stakeholders need to have the same outlook about mitigating risks and bringing everyone under insurance coverage for a much safer environment in Bangladesh. BIA will play a vital role and act as a bridge among the stakeholders,” Hossain said.