Finance Minister AMA Muhith on Friday hoped that the new life insurance companies in the country would be very innovative in producing and devising newer products for the life insurance industry and addressing various needs of people.
“I hope and pray that the new insurance companies will be very innovative in producing and devising newer products for the life insurance industry,” he said.
The Finance Minister was addressing the launching ceremony of newly licensed life insurance company Guardian Life Insurance Ltd held at the Bangabandhu International Conference Centre this evening.
Commerce Minister Tofail Ahmed and Brac chairperson Sir Fazle Hasan Abed spoke on the occasion as special guests. The company of the logo was also unveiled at the function apart from introducing the sponsors. Guardian Life Insurance Ltd chairman Samuel S Chowdhury delivered the address of welcome.
Speaking on the occasion as the chief guest, Muhith said although Bangladesh had to struggle just after independence as a war-ravaged country having the level of one of the worst least developed countries, but since then, the country has done quite well.
“Today, we can raise our hands high….it seems to me that the greatest achievements of the country in the last 40 years is that the middle class, including the upper class, which was only 14 percent of the population in 1982, now today have grown close to 40 percent, and that is a strength of the economy and let the economy grow,” he added.
Muhith went on saying, “For that I believe we’re poised for a wonderful period of growth in the future and for this bright future we’ve to provide various services and this (life insurance) is one of those services that we’ve to provide for it.”
He said that in a crisis period of time, there is a need for a shade tree to assure the future of the next generation and life insurance provides that.
Commerce Minister Tofail Ahmed said that the country’s economy is moving ahead maintaining an average GDP growth of over 6 percent over the last few years despite the worldwide recession.
He mentioned that in his previous term as a commerce minister when the insurance sector was under the Ministry of Commerce, some 11 life insurance companies got approval under the able leadership of Sheikh Hasina.
The Commerce Minister also hoped that the launching of this Guardian Life Insurance Company, the rural people and poorer would be covered more apart from the rich and middle-class section of people.
Noting that the insurance sector still remained within the higher and middle class rather not going in a big way to the poorer, Brac chairperson Sir Fazle Hasan Abed hoped that the Guardian life Insurance Ltd would expand its coverage up to the poorer class to ensure their welfare.
In his welcome address, Guardian Life Insurance chairman and also the chairman of Square Group Samuel S Chowdhury said that the company wishes to establish new paradigms of commitment, professionalism, integrity and transparency in the provision of security for the future of its clients.
The Guardian Life Insurance Ltd began its journey with a commitment to bring about a qualitative change in the life insurance sector.
Directors of the Guardian Life Insurance Ltd are Syed Nasim Manzur, Dr Ahmed Mastaqur Raza Chowdhury, Sameer Ahmad, Syed Akhtar Hasan Uddin, David Griffiths and Harsha Amarasekera. The managing director and CEO is Noor Mohammad Bhuiyan.
Source: UNB Connect
