Bangladesh:Govt to make insurance cover mandatory for buildings, crops & livestock

Bangladeshi Finance Minister AHM Mustafa Kamal has said that insurance would be made compulsory in phases for flats, residential buildings, corporate offices, commercial buildings and structures, crops and livestock.

"Office buildings where we have to go to regularly need to be insured. We now travel to office by cars, which are not fully covered by insurance. Car parking places are also not insured. If we want to strengthen our economy, every component of economy must be insured. Every building, small or big, must have 100% insurance coverage," he stressed.

The minister also said insurance would be introduced to marginalised people, livestock and crops, reported Dhaka Tribune. He said the government would issue directives to the relevant authorities to introduce the different mandatory insurance covers.

Premium rates for the various insurance covers shall be competitive so that everyone can afford the products, he said.

Source: Asia Insurance Review