The Bangladesh government is planning a hold-all insurance coverage of all the citizens and resources of the country for giving a fillip to the country's socioeconomic development.
Bangladesh officials said the Financial Institutions Division (FID) under the ministry of finance at a recent meeting asked the Insurance Development and Regulatory Authority (IDRA) to take necessary steps in this regard.
According to a news report in the news-web portal https://today.thefinancialexpress.com the post-uprising government has initiated wide-ranging reforms. Initially, eight major areas have been identified to enhance insurance penetration in the country. According to the meeting decision, all types of transports, including metro rails and trains, have been asked to be brought under the purview of insurance.
All the large shopping malls also have to be brought under fire insurance while insurance policies have to be introduced for the cattle and poultry sector. Moreover, all workers of readymade garment and other factories should be covered by group insurance.
"Steps have to be taken to bring students and teachers of all universities under health insurance, and each and every motor vehicle should buy insurance policy."
The news report said the current move aims to raise the contribution of the insurance sector to the economic and social development of the country. In Bangladesh, insurance penetration is only 0.4%--one of the lowest in the world.