Information and Broadcasting Minister Zahir Uddin Swapon has said Bangladesh must establish a stronger and more comprehensive legal framework for the insurance sector to restore public confidence and support sustainable economic growth.
Speaking as chief guest at the 42nd anniversary celebration of National Life Insurance PLC at the Officers’ Club in Dhaka on Tuesday, the minister said a modern economy depends on clear legal protections rather than trust alone.
He said an updated legal structure was necessary to give people greater confidence in insurance services and ensure the sector could contribute more effectively to national development.
Swapon described insurance as an important pillar of the economy, saying it provides financial security for individuals and businesses while encouraging investment, entrepreneurship and long-term planning.
“When people have life insurance and financial protection, they gain greater confidence about the future,” he said.
“That security enables them to use their skills and resources more effectively, which in turn contributes to broader economic progress,” he added.
The minister also referred to the country’s economic challenges inherited by the current administration, saying the government led by Prime Minister Tarique Rahman had taken office with the responsibility of addressing long-standing structural weaknesses rather than simply managing day-to-day affairs.
He said the government was examining issues including illicit financial outflows, untaxed wealth and gaps in the country’s revenue system in an effort to strengthen the economy.
According to Swapon, many of these problems had been identified before the government assumed office, but meaningful reforms were now needed to resolve them.
He urged the Bangladesh Insurance Association (BIA) to present the industry’s key challenges directly to the finance minister so they could be considered during policy formulation.
The minister also called on insurance companies, regulators and other stakeholders to work closely with the government to expand insurance coverage and develop a stronger policy and regulatory framework for the sector.
The event was chaired by National Life Insurance Chairman Tofazzal Hossain.
Bangladesh Insurance Association President Sayeed Ahmed attended as special guest, while National Life Insurance Chief Executive Officer Md Kazim Uddin delivered the welcome address. Senior representatives from the insurance industry and business community were also present.
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