More than 26 lakh insurance policies have lapsed in Bangladesh in the last 14 years owing to a raft of factors including the worsening of financial health of clients, a lack of awareness among them, and agents’ tendency not to explain product features properly while selling them.

The insurance regulator of Bangladesh has directed all life insurers to set up an actuarial department and appoint actuaries with a view to assessing and managing the risks of financial investments and insurance policies.