Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
MetLife Bangladesh topped the list of life insurance companies in terms of claims settlement in 2024, according to data from the Insurance Development and Regulatory Authority (IDRA).
The data shows that MetLife led all insurers by settling the highest amount of claims during the year. National Life Insurance Company followed in second place, while Delta Life Insurance ranked third.
State-owned Jiban Bima Corporation (JBC) and Popular Life Insurance Company secured the fourth and fifth positions respectively.
Overall, the life insurance companies in Bangladesh settled Tk 85.90 billion out of Tk 129.65 billion in claims filed during the year, the IDRA reports shows.
MetLife Bangladesh alone settled Tk 28.95 billion in claims, the highest among all life insurers.
The company also reported a claims settlement ratio of 97.79 per cent, one of the strongest in the industry.
Commenting on the milestone, MetLife Bangladesh CEO Ala Ahmad said: "By settling the highest amount of claims in 2024, we've shown that MetLife stands firmly behind its commitment".
He said: "Every claim we pay is a reflection of our promise to be there when our customers need us most".
Of MetLife's total claims for the year, Tk 2.37 billion were meant for health and medical expenses, Tk 1.4 billion for death claims, and Tk 25.18 billion for maturity, partial maturity, and other benefits.
Over the past five years (2020-2024), MetLife Bangladesh has settled claims worth over Tk 114 billion.
Meanwhile, Meghna Life Insurance Company Managing Director and CEO N.C. Rudra said the company settled Tk 3.6 billion in claims in 2024, with a settlement ratio of over 99 per cent.
The remaining unsettled claims, he explained, were due to minor documentation issues, such as typographical errors or signature mismatches.
Mr Rudra said that most of Meghna Life's settlements were maturity and survival benefit claims.
Two life insurers -- Alpha Life Insurance Company and Life Insurance Corporation (LIC) of Bangladesh -- achieved 100 per cent settlement of all submitted claims during the year.
Alpha Life settled claims worth Tk 328.4 million, while LIC Bangladesh settled claims amounting to Tk 24.8 million.
Shanta Life Insurance Company, the newest entrant in the industry, reported no claims and therefore no settlements for the year.
Bangladesh currently has 35 life insurance companies, including the state-run JBC.
jasimharoon@yahoo.com