Guardian Life Transforming Insurance Sector

A Correspondent

1 March, 2021 12:00 AM printer

Guardian Life Transforming Insurance Sector

Guardian Life Insurance Limited (GLIL) has been making breakthroughs in the insurance sector and beyond. They have brought intelligence, innovation and investment in an industry that was riddled with decades of lingering problems.

Insurance is one of the most integral parts of the modern economy. It protects financial aspects of an unexpected death, injury, loss of property, loss of earning power, legal liability or other unexpected expenses. However, the contribution of the sector to an economy is often understated. Insurance sector contributes significantly to the aggregate economic growth of a nation by providing stability to the functioning of businesses and generating long-term financial resources. It also provides financial support and reduces uncertainties that individuals and companies face at every step of their life cycles. It provides an ideal risk mitigation mechanism against events that can potentially cause financial distress to a family or establishment.

Over the past decade, Bangladesh has experienced significant growth in various sectors. It is one of the fastest-growing economies in the world, with an average growth rate that is well above the Asian average. Conversely, the growth of the insurance sector has not been at par with the economic boom. The insurance penetration rate in the country hasn’t reached the expected level compared to other developing countries. According to Swiss Re data, a leading global reinsurer, Bangladesh’s overall insurance penetration stood at a meagre 0.57% in 2018, the lowest in the emerging Asian communities.

In recent years, there has been a lot of positive buzz around the insurance sector. An increasing number of individuals and entities are leaning towards insurance as a means of safeguarding themselves against potential risks. Through the reinforcement of trust and transparency, there is a sense of positivity around the sector which has initiated its reformation. The positive momentum prevailing across the industry has been possible through the joint effort of regulators, associations and some of the vigilant private sector players who are working as the harbingers of the brighter days. Guardian Life Insurance Limited is one of the names that comes at the forefront. It is the fastest-growing life insurance company and is setting benchmarks for the industry. With more than ten million lives insured, GLIL is penetrating the market at a rate that was unimaginable a decade ago.