Question

status of insurance in Bangladesh a legal perspective​

Answer 1

Answer:

Bangladesh economy holds huge risk in every sector because the country often faces natural disasters like flood, cyclone, draught, and hurricane. There are also other factors like political strikes, and economic issues like inflation, high interest rate, tax policy, deregulation, etc. that deepen the risks for the economy. However, Bangladesh’s, insurance market is not very large compared to the degree of risk. For a better functioning of the insurance industry and to attain good growth of this sector, it is worthwhile to know the factors which are responsible for low growth of the insurance industry in Bangladesh. This paper presents the results of an empirical survey highlighting the present scenario of insurance industry in Bangladesh. In this study, many problems have been identified such as lack of trust, illiteracy, improper claim settlement, lack of product diversification, lack of information, poor risk management, absence of research and development (R&D) cell, reinsurance problems etc. The study offers recommendations to make the insurance market in Bangladesh vibrant and useful for the economy.

Explanation:

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