Insurance is a kind of financial loss protection when a party promises to pay another party’s costs in the case of a certain loss, damage, or injury in return for a fee. It’s a kind of risk management that’s mostly used to guard against the possibility of an unforeseen or contingent loss.

The “Insurance Development and Regulatory Authority” (IDRA), which was founded by the Insurance Development and Regulatory Authority Act, 2010, is a powerful body that oversees and regulates all insurance businesses operating in the nation. An executive committee of 15 members, including a chairman and a vice-chairman, is in charge of it.

Insurance Types

Section 5 of the Insurance Act of 2010 states that there are two categories of insurance businesses:-

1) Life Insurance and
2) Non-Life insurance

Insurance employment in Bangladesh

In Bangladesh, life insurance is a kind of coverage that offers the policyholder’s dependents financial security in the case of the policyholder’s passing. It is an agreement that specifies the amount of money that will be paid by the insurer to the policyholder in the event of the policyholder’s death.