The gross premium of 33 life insurance companies in Bangladesh rose by nearly 7.0% to BDT96.1bn ($1.13bn).
In comparison, the 46 non-life insurers in the country grew by 8.6%to BDT36.8bn, reported Financial Express citing government budget documents.
For this year, however, the business of the insurance sector may be hit hard because of the COVID-19 pandemic, industry executives say. Attaining positive growth this year would be a big challenge as economic activities have suffered a blow since March.
Sheikh Kabir Hossain, president of the Bangladesh Insurance Association, told Financial Express, “The sector has been hit hard by the coronavirus and there will be poor growth in 2020.”
Mr Hossain, also chairman of Sonar Bangla Insurance, says there has been less-than-expected growth in exports and imports in recent months, which impacted much of non-life insurance business.
He also said, “To my mind, the life companies will be much affected this year as agents cannot visit door to door due to the pandemic.”
Mr Khaled Mamun, CEO and managing director of Reliance Insurance, said, “Marine business is almost zero. How will we grow this year?” He adds that only some property insurance operations have been continuing.