Of them, 95 percent are related to non-settlement of claims despite policies reaching maturity, said an official of the Insurance Development and Regulatory Authority (Idra). The remaining complaints are linked to management issues, violation of rules in appointing top officials and bad investments, among others.
Policyholders filed the complaints against 14 life insurance companies, which settled 3,467 claims between January and October. The insurers are Sunlife Insurance, Homeland Life Insurance, Progressive Life Insurance, Fareast Islami Life, Prime Islami Life Insurance, Golden Life Insurance, Baira Life Insurance, Padma Islami Life Insurance, Sunflower Life Insurance, Popular Life Insurance, National Life Insurance, Swadesh Islami Life Insurance, and MetLife Bangladesh.
There are 35 life insurance and 46 non-life insurance companies in Bangladesh. On October 12, the Idra directed the chief executive officers of the 14 companies to resolve the complaints by December this year. The piling up of complaints come as several life insurance companies are struggling to settle claims due to a lack of liquidity resulting from bad investments and fund embezzlement.
Of the insurers, the highest number of complaints, at 9,336, was filed against Sunlife. In contrast, the lowest number of claims, just one, was lodged against Trust Islami Life, according to the data of the Idra. Sunlife settled 14 percent of the complaints.
The second-highest number of complaints was filed against Homeland Life Insurance. It settled 15 percent of the 4,093 complaints made.
Progressive Life Insurance, which attracted the third-highest number of complaints, resolved 7 percent of the 3,386 complaints filed.
The fourth-highest number of complaints, at 2,058, were filed against Fareast Islami Life, which settled 2 percent of them.
Prime Islami Life Insurance received 1,325 complaints, the fifth highest. Of them, 12 percent were sorted out between January and October.
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