Thursday, December 14, 2017

Bangladesh to see first insurance JV if Mitsui Insurance gets license

Mitsui Sumitomo Insurance Group, Japan’s largest insurance company, is reportedly in talks with insurance regulators in Bangladesh to begin operations in the country under a joint venture (JV) deal with local firms.

Bangladesh has no JV foreign insurance company, and so should Mitsui Sumitomo get an operating license from the Insurance Development and Regulatory Commission (IDRA), it would become the first JV foreign insurance firm in the country.

IDRA Chairman M Shefaque Ahmed confirmed that the Japanese insurer had a meeting with them last week, in which they expressed interest in entering the Bangladesh market. Ahmed said Mitsui Sumitomo officials considered Bangladesh as having untapped potential for life insurance.

IDRA has not decided yet on whether or not to issue an operating license to Mitsui Sumitomo.

Global insurers are looking at Bangladesh because of the country’s low insurance penetration. The country has around 9 million active policyholders and 31 life insurance companies in operation at present.

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