Bangladesh considers ending mandatory reinsurance with SBC

The Financial Institutions Division (FID) has proposed removing a provision from the Insurance Corporation Act 2019 that mandates non-life insurers in Bangladesh to cede half of their reinsurance business to the state-owned Sadharan Bima Corporation (SBC), reported the Financial Express. The move follows recommendations from the Insurance Development and Regulatory Authority (IDRA), which cited low claim settlement ratios in the sector. According to IDRA data, the country’s non-life insurance sector had ...