IDRA urges youth to embrace insurance, calls for actuaries

IDRA urges youth to embrace insurance, calls for actuaries

Speakers at a seminar on Saturday underscored the need for developing more actuaries, expanding health and education insurance, and modernizing Bangladesh’s insurance sector to make it more dynamic and attractive to young graduates. 

The seminar titled “Insurance Sector Potential and Career Prospect” was held today at the Dr. Abdullah Faruq Multipurpose Conference Hall of the Faculty of Business Studies, University of Dhaka (DU). 

Dr. M Aslam Alam, Chairman of the Insurance Development and Regulatory Authority (IDRA), attended the event as the chief guest and chair. He urged young people to be aware of the importance of insurance from an early age to ensure financial sustainability throughout life, according to a press release of IDRA. 

“Every graduate should understand that insurance safeguards their future,” Dr. Alam said. 

He also called for introducing education and health insurance policies in Bangladesh to ensure inclusive growth and strengthen the country’s social protection system. 

Delivering the keynote speech, Professor Dr. Shahidul Islam Zahid, Chairman of the Department of Banking and Insurance, emphasized the need for organizing more industry-academia dialogues to align the academic curriculum with the evolving needs of the insurance sector. 

Professor Dr. Mahmood Osman Imam, Dean of the Faculty of Business Studies, said the number of life insurance policyholders in Bangladesh is declining, calling for stronger regulation, sustainable operations, and innovation in insurance products and services. 

Md. Fazlul Haque, Member (Admin) of IDRA, highlighted the growing demand for actuaries, describing actuarial science as a globally top-ranked and highly technical profession. He noted that Bangladesh currently has only four to five actuaries and urged students to pursue this promising career path under IDRA’s Actuary Development Programme. 

Professor Dr. Suborno Barua, Chairman of the Department of International Business, said the insurance sector struggles to attract competent graduates due to low pay structures and a lack of digitization. He called for revising salary scales and expanding reinsurance opportunities to make the sector more competitive. 

Professor Hasina Sheikh stressed the need for expanding health insurance, noting that no one can achieve sustainable development without an effective health protection mechanism.