Call for inclusive insurance, risk finance for all

Speakers at a workshop have called upon the government, development partners and private sector for enabling an environment for inclusive insurance and risk financing for the country's sustainable development, leaving no one behind.

The event titled "Inception workshop on Country Diagnostic on Inclusive Insurance and Risk Finance for Bangladesh" was organised on July 18 at a hotel in Dhaka, by the Financial Institutions Division (FID), Ministry of Finance, Insurance Development and Regulatory Authority (IDRA), and the United Nations Development Programme (UNDP).

Sheikh Mohammad Salim Ullah, secretary, FID, Ministry of Finance, attended the workshop as the chief guest. Mohammad Joynul Bari, chairman, IDRA, and Van Nguyen, deputy resident representative, UNDP Bangladesh, were the Special Guests. Among others, Dr Baqui Khalily, chairman, Risk Management Committee, Bank Asia, and Abdullah Harun Pasha, additional secretary, FID, Ministry of Finance, were present.    

Bangladesh is one of the most vulnerable countries due to its low-lying delta ecosystem that exposes the country to several disasters such as flash floods, monsoon floods, cyclones, storm surges, salinity intrusion, drought and unpredictable rainfall.

The government is keen to explore the insurance industry to consider it as a risk transfer mechanism.

UNDP is conducting a country diagnostic that will document and assess the risks and vulnerability in Bangladesh considering the existing enabling environment and financial instruments.

The diagnostic study will highlight challenges, opportunities, and areas where UNDP can, together with partners, provide the necessary support for the government and private stakeholders to improve the enabling environment for inclusive insurance and risk financing.