Young individuals are encouraged to grasp the significance of insurance early on to secure their financial well-being over time, emphasized M Aslam Alam, the head of the Insurance Development and Regulatory Authority (Idra). “It is crucial for every college graduate to recognize that insurance is a safety net for their future,” he expressed during a seminar hosted at the University of Dhaka, as detailed in an official statement by Idra.
Alam also advocated for the implementation of educational and health insurance schemes in Bangladesh to promote comprehensive development and bolster the nation’s social safety network. Professor Shahidul Islam Zahid, leading the Department of Banking and Insurance, underscored the necessity for increased interactions between industry and academia to align educational programs with the evolving demands of the insurance sector.
Dean of the Faculty of Business Studies, Professor Mahmood Osman Imam, raised concerns about the declining number of life insurance policyholders in Bangladesh. He called for enhanced regulatory measures, sustainable practices, and innovative insurance solutions to revive interest in insurance products and services.
Fazlul Haque, an administrative member of Idra, drew attention to the rising demand for actuaries, highlighting actuarial science as a prestigious and technically advanced profession globally. Haque noted the scarcity of actuaries in Bangladesh, urging students to consider pursuing this promising career path through Idra’s actuary development initiative.
Professor Suborno Barua, heading the Department of International Business at the University of Dhaka, acknowledged the challenges faced by the insurance industry in attracting skilled graduates due to low remuneration and limited digitalization. He proposed revising salary structures and expanding reinsurance opportunities to enhance competitiveness within the sector.
Hasina Sheykh, a banking and insurance professor at Dhaka University, emphasized the imperative of expanding health insurance coverage, asserting that sustainable progress hinges on an effective health protection framework.