Institutional initiatives in service management are more needed to increase customers’ confidence in the country’s insurance sector, said a top insurer.
In an interview with Daily Sun on Wednesday, Sabrina Rahman, chairperson of Meghna Insurance Company Limited, highlighted the risks and opportunities in the country's insurance sector.She said the coronavirus pandemic has had negative impacts on the insurance sector like other businesses.
"The pandemic is taking us to a new world. We weren't ready when the pandemic hit last year,” said Sabrina Rahman.
“But we now have become accustomed to the new reality as the country faced the second wave.”
Meghna Insurance chief observed that although the number of private insurance subscribers had decreased during this time, the naval insurance in the import-export sector helped the sector stay afloat.
According to official data, some 87,870 customers received the services of Meghna Insurance in 2020, which was about 20 percent less than that in 2019. The number in 2019 was 1,06,800.
The premium income has increased even though the number of customers has decreased.In 2020, the company's premium income was Tk 619.4 million, which is about Tk 30 million more than 2019 income, which is worth of Tk 571 million.
“The company is still doing business sustainably despite the pandemic. This is because of strong customers’ base of marine insurance policyholders,” said Sabrina Rahman.
She added, “In the previous years, the number of motor insurance policyholders was the highest. But the motor policy has been reduced from this year as the government has abolished the obligation to have a motor insurance policy.”
Starting as an entrepreneur in the financial sector as director and shareholder, Sabrina Rahman has been leading for more than two decades in the areas of housing, agro industry and insurance management.
Regarding the insurance business during the pandemic situation, she lauded the government for successfully tackling the pandemic shocks on the country’s economy.
“We cannot rule out the impacts. They reflect in global economy. However, as a result of the various initiatives taken by the present government, it has been able to gradually ease the impacts,” Meghna Insurance chairperson said.
She, however, added, “While the non-life insurance sector has not suffered much in the pandemic, the life insurance companies are facing huge losses.”
After graduation in marketing from the University of Dhaka, Sabrina Rahman took the charge of her family business.
Launched in 1996, Meghna Insurance has already established itself in the country's insurance sector.
Sabrina Rahman is involved in social and community development activities.
She is the founder of “Bongogora Foundation”, which works for the disadvantaged communities in different levels of the society.
Sabrina Rahman also has her presence in the organizations like Dhaka Club, Gulshan Youth Club, Kurmitola Club, Uttara Club and Baridhara Club.
Mentioning that Meghna Insurance gives the highest importance to its customers’ service, she said, “The company is different from other companies in terms of service quality. It ensures timely payment of insurance claims to the customers and that is why the customers choose us.”
“Meghna Insurance has been working to continue as one of the best non-life insurance firms in Bangladesh,” said a confident Sabrina Rahma.