The insurance industry, both life and general, posted robust growth in 2009.
But the sector is still going through poor professionalism and research and development, insurers told the annual general meeting of the Bangladesh Insurance Association yesterday.
Top insurers who gathered at the meeting hoped that the regulatory authority would help the industry overcome the limitations it faces now.
According to a BIA report, private-sector life insurers' total premium rose to Tk 4,596 crore in 2009, up nearly 28 percent from Tk 3,597 crore the year before.
The premium income of general insurance companies stood at Tk 1,228 crore in 2009 from Tk 1,116 crore in the previous year. The growth rate was slightly over 10 percent.
The life fund of the private insurers registered over 30 percent growth in 2009 to Tk 10,515 crore compared to Tk 8,086 crore a year ago.
Investments and assets of life insurance companies also recorded nearly 30 percent growth, while general insurers' assets grew by nearly 44 percent.
Outgoing president of the association AKM Rafiqul Islam said new laws, once implemented, will help the industry modernise and ensure international standards.
Islam handed over the presidency to Sheikh Kabir Hossain who has been elected for a two-year term to 2012.
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