Challenges, Prospects and Role of Insurance on Economic Growth in Bangladesh

IIUM Journal of Case Studies in Management: Vol.11, No.1: 20-27, 2020

8 Pages Posted: 6 Apr 2020

See all articles by Mohammad Ali

Mohammad Ali

Bangladesh University of Professionals

Date Written: March 11, 2020

Abstract

This paper aims to review the role of insurance on economic growth and to analyse challenges and prospects of insurance sector in Bangladesh. Based on the secondary data, this research critically reviews the previous studies to find the contribution of insurance on economic growth and prospects as well as challenges of insurance sector in the context of Bangladesh. Insurance has significant contribution on economic growth of a country that facilitates to create a strong capital base and gain economic independency. The study found that the key problems of this sector are deficiency of publicity, lack of qualified human resource, dearth of marketing policies, absence of business ethics, legal complexities, unskilled agents, poor IT support, insufficient return on investment, lack of transparency, lack of public awareness and traditional management. Therefore, initiating innovative marketing strategies, attracting and retaining talent, developing talent, increasing awareness, adapting information technology (IT), avoiding harmful competition, increasing return on investment, offering diversifies and attracting packages, adapting dynamic management style and implementing effective insurance policy are suggested to overcome the challenges of this sector.

Keywords: Insurance, economic growth, prospects, challenges and Bangladesh

JEL Classification: G22

Suggested Citation

Ali, Mohammad, Challenges, Prospects and Role of Insurance on Economic Growth in Bangladesh (March 11, 2020). IIUM Journal of Case Studies in Management: Vol.11, No.1: 20-27, 2020, Available at SSRN: https://ssrn.com/abstract=3552634

Mohammad Ali (Contact Author)

Bangladesh University of Professionals ( email )

Mirpur-12 Cantonment
463
Dhaka, Dhaka 1216
Bangladesh

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