Bangladesh Insurance Association (BIA), established on April 25, 1988, is the apex body representing the private insurance sector in Bangladesh. Its formation followed the Government’s 1984 decision to allow private insurers to operate alongside state-owned corporations. Recognizing the need for a unified voice, representatives from these new private insurers decided to form an association. BIA began with 13 founding member companies—3 life and 10 non-life. Today, its membership has grown to 80 companies, comprising 35 life insurers and 45 non-life insurers.
BIA is dedicated to promoting, protecting and advancing the insurance industry while safeguarding the collective interests of its members. It engages with the Government and relevant authorities to advocate for favorable policies, issues tariffs, regulates risk ratings, encourages ethical business practices and supports professional growth. In addition, BIA actively works to raise public awareness about insurance and strengthen industry standards through training programs, seminars and collaborations with international partners.
BIA is administered by a 20-member Executive Committee, elected for a two-year term by member companies through a formal voting process, ensuring equal representation from both life and non-life insurance sectors. The Committee is headed by a President, First Vice-President, and Vice-President. Together with various Sub-Committees, it addresses industry challenges and when necessary, brings these matters to the attention of the Government and other competent authorities for resolution. The Secretariat team of BIA provides comprehensive administrative and operational support, ensuring the smooth and efficient functioning of the Association’s day-to-day activities.
BIA is also an active member of prominent national and international bodies. BIA Chairman represents the association in different bodies like, Federation of Bangladesh Chamber of Commerce & Industry (FBCCI), the International Chamber of Commerce-Bangladesh (ICC-Bangladesh) and forums, including the Bangladesh Insurance Academy and Central Depository Bangladesh Limited (CDBL).
The association places significant emphasis on professional development and public awareness. It organizes in-house training programs, including basic and short courses, to enhance the skills and knowledge of officers from member companies. Additionally, the BIA conducts seminars on current issues to increase insurance awareness among the public, contributing to greater industry penetration and understanding.
