MetLife cleared Tk 28.95b in insurance claims last year

MetLife Bangladesh settled Tk 28.95 billion in insurance benefits and claims in 2024, covering loss of lives and medical needs.

MetLife Bangladesh CEO Ala Ahmad said, "The most important part of a customer's insurance journey is receiving claims. We've relentlessly worked to improve our efficiency in settling claims quickly, adapting to ways that make it more convenient for customers."

"Our efforts are directed toward further strengthening confidence and establishing greater trust in Bangladesh's insurance sector," he added.

Of the total claims settled, according to a release from the insurer, health and medical expense claims amounted to Tk 2.37 billion. On the other hand, death claims totalled Tk 1.40 billion.

However, maturity, partial maturity and other claims stood at Tk 25.18 billion.

Over the past five years (2020-2024), MetLife Bangladesh has settled more than Tk 114 billion in insurance claims.

MetLife customers can submit claims online and receive their payouts within three to five working days, ensuring a seamless claims experience.

The company's proactive approach and efficient settlement process have enhanced customer satisfaction and trust in the insurance sector.

MetLife serves an estimated 1.0-million individual customers and more than 900 corporate clients in Bangladesh.

MetLife, Inc (NYSE: MET) is one of the world's leading financial services companies, providing insurance, annuities, employee benefits, and asset management services through its subsidiaries and affiliates.

Founded in 1868, MetLife operates in more than 40 markets globally, with leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.

In 2023, MetLife Bangladesh settled Tk 29.81 billion in claims. Claim settlements in the insurance business normally fluctuate from year to year.

The insurer offers both conventional and Shariah-based insurance products. Its products are also available through bancassurance platforms in partnership with Standard Chartered, Eastern Bank and BRAC Bank.

jasimharoon@yahoo.com