Five insurers to settle Tk20cr claims for 5,972 policyholders

Five insurance companies will pay around Tk20.15 crore in claims to 5,972 policyholders on Sunday under the fourth phase of an initiative to clear long-pending legitimate claims and restore confidence in the insurance sector.
The Insurance Development and Regulatory Authority (IDRA) confirmed the payout details on Saturday.
Under the programme, Bayra Life Insurance Company Limited will pay Tk7 lakh to 41 policyholders, while Fareast Islami Life Insurance Company Limited will settle Tk8.37 crore in claims for 1,074 policyholders.
Homeland Life Insurance Company Limited will pay Tk5.04 crore to 3,163 policyholders, while Padma Islami Life Insurance Company Limited will disburse Tk5 crore to 1,350 policyholders.
Progressive Life Insurance Company Limited will settle claims worth Tk1.66 crore for 344 policyholders.
IDRA said it was continuing efforts to settle legitimate pending claims, ensure policyholders receive their rightful dues and strengthen transparency, accountability and good governance in the insurance sector.
The authority said the initiative would continue as part of its efforts to protect policyholders’ interests and promote the sustainable development of the insurance industry.