Kathmandu. In Bangladesh, the financial strength of the insurance sector has improved due to the increase in net worth and insurance fund in both life and non-life sectors during 2024.
The insurance companies that have not been able to pay claims to the insured for many years will get relief due to the increase in the income of insurance premiums as well as the insurance fund and total assets. According to the annual report of the Bangladesh Insurance Association, there is a mixed trend in insurance premium income and investment despite the increase in net assets and funds in both the sectors.
According to the report, the total insurance income of private sector life insurance companies was Tk 115.10 billion in 2023. In 2024, it fell slightly to Tk 113.89 billion. During this period, there has been a significant increase in the life fund.
In 2023, the amount of life insurance fund was Tk 319.18 billion. In 2024, it increased to Tk 332.32 billion.
Investment in the life insurance sector increased from Tk 334.61 billion in 2023 to Tk 342.92 billion in 2024. In addition, the total assets in 2023 stood at Tk 441.41 billion. That increased to Tk 460.43 billion in 2024.
On the other hand, the non-life insurance sector has continued to increase in insurance premium income. According to the report, the total insurance premium income in the non-life sector was Tk 42.35 billion in 2023. In 2024, it rose to Tk 43.49 billion. The sector has achieved a growth of about 2.90 per cent over the previous year.
The net worth of non-life insurance companies has also increased. Total assets increased from Tk 116.49 billion in 2023 to Tk 119.18 billion in 2024. However, over the same period, investment in the non-life sector declined from Tk 57.72 billion in 2023 to Tk 56.14 billion in 2024.
