Businesses have already lodged insurance claims exceeding Tk 600 crore following a recent fire at Dhaka airport’s import cargo complex. Insurers have received these claims as initial submissions and are currently evaluating them to determine the validity of losses as per policy terms.
The Bangladesh Insurance Association (BIA) reported that businesses have collectively filed claims totaling Tk 608.94 crore with 44 non-life insurers, excluding Prime Insurance Company Limited’s submissions. Adeeba Rahman, the first vice-president of BIA, clarified that this amount represents the first wave of claims and may be subject to change upon completion of verification processes.
After the fire on October 18, the Bangladesh Garment Manufacturers and Exporters Association estimated damages at around Tk 97 crore, while the pharmaceutical sector anticipated losses of roughly Tk 4,000 crore due to destroyed raw materials. A government investigation revealed that inadequate storage practices and the lack of fire protection systems facilitated the fire’s rapid spread.
Insurers like Reliance Insurance PLC and Sena Insurance PLC have begun processing claims from various sectors, including food, garments, chemicals, cement, pharmaceuticals, and power. These companies have received preliminary claim documents, with actual losses to be determined by surveyors in the coming days.
Despite challenges in assessing the fire-damaged complex, insurers have swiftly responded to claim intimations, particularly from industries heavily impacted by the incident. Nitol Insurance Company Limited and other insurers are currently reviewing submitted information from businesses across different sectors to ascertain the extent of damages and facilitate necessary payouts.
While insurers continue to gather loss data, regulatory authorities like the Insurance Development and Regulatory Authority are overseeing the claim submission process to ensure compliance with industry standards. Prof Md Shahidul Islam Zahid from Dhaka University emphasized the importance of efficient assessment and settlement procedures to address the widespread losses incurred by businesses in the aftermath of the fire.