The “IDRA Insurance Excellence Award 2025” ceremony was held on Thursday, 29 January, at the Grand Ballroom of Pan Pacific Sonargaon Hotel in Dhaka, celebrating ethics, transparency, and good governance within Bangladesh’s insurance sector, while reinforcing customer confidence. The event was organised by the Insurance Development and Regulatory Authority (IDRA).
The ceremony was graced by Dr Anisuzzaman Chowdhury, Special Assistant to the Chief Adviser of the Government of Bangladesh, as the Chief Guest. Nazma Mobarak, Secretary of the Financial Institutions Division, attended as a Special Guest. Distinguished guests included Adiba Ahmed, First Vice President of the Bangladesh Insurance Association, and B.M. Yusuf Ali, President of the Bangladesh Insurance Forum.
The welcome address was delivered by Md. Fazlul Haque, Member (Administration) of IDRA. During the event, a documentary titled “IDRA: A Journey of Positive Change” was screened, highlighting the authority’s efforts to improve governance and transparency in the sector. Following this, awards were presented to institutions demonstrating outstanding contributions to ethical practices, operational transparency, and governance.
The top-performing insurance companies were recognised in both the Non-Life and Life Insurance categories as follows:
| Category | Position | Company |
|---|---|---|
| Non-Life | 1st | Pragati Insurance PLC |
| Non-Life | 2nd | General Insurance Corporation |
| Non-Life | 3rd | Reliance Insurance PLC |
| Non-Life | 4th | Green Delta Insurance PLC |
| Non-Life | 5th (Joint) | Eastland Insurance PLC, Sena Insurance PLC, United Insurance Company Ltd |
| Life | 1st | American Life Insurance Company (MetLife) |
| Life | 2nd | Pragati Life Insurance PLC |
| Life | 3rd | Delta Life Insurance Company Ltd |
| Life | 4th | Jiban Bima Corporation |
| Life | 5th (Joint) | National Life Insurance PLC, Guardian Life Insurance Ltd |
Speaking at the awards, CEO of Pragati Insurance PLC, Md. Syed Sehab Ullah Al Manzur, highlighted the company’s prompt response during the Shahjalal International Airport crash, stating that total damages were approximately BDT 12 billion, of which the company paid nearly BDT 300 million in claims despite having received only BDT 1.6 million in premiums. He emphasised, “Pragati Insurance consistently supports clients in times of crisis, ensuring swift financial assistance to affected parties.”
MetLife Bangladesh CEO Muhammad Ala Uddin Ahmed said, “This recognition inspires us to advance further while remaining fully compliant with solvency and regulatory standards, contributing positively and sustainably to the national economy.”
Addressing the audience, B.M. Yusuf Ali urged for the prompt approval of the draft Insurance Regulation Act 2025. Adiba Ahmed noted that such recognition encourages excellence, transparency, and professionalism, contributing significantly to overall sectoral growth.
Special Guest Nazma Mobarak praised IDRA’s regulatory achievements, stating that the awards reflect the authority’s ongoing efforts to strengthen governance, improve customer service, reduce claim settlement times, and expand the use of technology. She further highlighted upcoming digital initiatives, encouraging active participation from insurance companies to enhance transparency and accountability.
IDRA Chairman Dr M. Aslam Alam emphasised the importance of enacting laws for sustainable sector growth and the critical role of digitalisation in boosting customer trust. He also highlighted the shortage of skilled professionals in the sector, calling for investment in human capital development.
Dr Chowdhury added, “Bangladesh’s insurance sector is rapidly modernising through digitalisation, technology-driven services, online policy issuance, and faster claims processing. Focusing on customer-centricity, transparency, innovation, and skilled workforce development will bring the sector closer to global standards.”
The IDRA authority expects the 13 award-winning companies under the IDRA Insurance Excellence Award 2025 initiative to play a pivotal role in fostering positive change, excellence, and enhanced customer confidence in the country’s insurance sector.