82 insurance companies owe Tk 70bn in unpaid claims: IDRA

New IDRA chief says it prioritises settling unpaid claims to restore confidence in the insurance sector

Bangladesh's insurance regulator has identified the settlement of long-overdue policyholder claims as its top priority, with customers currently owed about Tk 70 billion by 82 insurance companies.

The commitment came from Insurance Development and Regulatory Authority (IDRA) Chairman Mir Nadia Nivin at her first press conference after taking office on Thursday.

Speaking at the regulator's headquarters in Motijheel, she said restoring public confidence in the insurance sector would require immediate action on unpaid claims, tighter oversight and stronger action against irregularities.

According to the chairman, policyholders are owed nearly Tk 70 billion in outstanding claims across 82 insurance companies.

Of that amount, almost Tk 45 billion is concentrated in just seven companies with the largest unpaid liabilities.