Bangladesh Insurance Academy Global Recognition and Future Directions

The Bangladesh Insurance Academy has made significant strides in gaining global recognition. It has been accredited by the International Association of Insurance Supervisors (IAIS) since 2011.

This accreditation is a testament to the academy's commitment to excellence in insurance education and training. The academy's curriculum is designed to meet the international standards set by the IAIS.

The academy has also established partnerships with several international institutions, including the Insurance Institute of America and the Chartered Insurance Institute of the UK. These partnerships have enabled the academy to offer globally recognized certifications to its students.

The academy's global recognition is a significant achievement, and it has opened up new opportunities for Bangladeshi insurance professionals to work abroad.

The Bangladesh Insurance Academy has a rich history that dates back to 1973 when it was established through a government resolution. This marked the beginning of the academy's journey as a leading institution in the insurance sector.

The academy currently functions as an autonomous body under the administrative control of the Ministry of Finance, giving it the freedom to operate independently while still being accountable to the government.

The Bangladesh Insurance Academy is quite active, offering a range of courses and training programs. Every year, it conducts different courses on insurance affairs leading to a Diploma, which can be taken online or in-person.

These courses are designed to create professional insurers in Bangladesh, and the academy has started offering online counseling classes in the evening to accommodate existing employees. This is a great initiative, as it allows people to upskill and reskill while still working.

The academy also offers a tailored-made training program for insurance companies in the country, and conducts training programs across the country, particularly in divisional cities.

The Bangladesh Insurance Academy's core activity area is focused on creating professional insurers in Bangladesh. They offer professional diploma courses in life and non-life insurance.

These courses are designed to equip students with the necessary knowledge and skills to succeed in the insurance sector. The academy offers a tailored-made training program for insurance companies in the country.

Their training programs are conducted across the country, particularly in divisional cities. This allows them to reach a wider audience and provide opportunities for people in different regions to develop their skills.

The academy also works as an overseas examination center for some foreign insurance institutes, including the Actuarial Society of India and the Chartered Insurance Institute in London. This adds an international dimension to their activities and provides students with the opportunity to gain recognition from global institutions.

By offering online counseling classes in the evening, the academy caters to the needs of existing employees in the insurance sector who may not have the time to attend classes during the day. This flexibility is a great advantage for those who want to pursue their education while still working.

The online seminar on Enhancing Insurance Penetration in Bangladesh is a great initiative. It's suitable for CEO's, CFO's, and senior executives from insurance companies, reinsurers, brokers, and other relevant industries.

The seminar aims to explore the causes behind the low contribution of insurance in Bangladesh's GDP, which is currently at 0.55%. This is a far cry from the world average of 7%.

The goal is to find ways to increase the contribution of the insurance sector to 4% by 2021, as stated in the National Insurance Policy-2014. This will require analyzing the challenges of the sector and deciding on a future course of action.

The seminar will feature renowned resource persons from India to share their knowledge and experience with industry professionals in Bangladesh.

Bangladesh Institute for Professional Development (BIPD) is organizing the seminar, which is an accredited training institute of the Insurance Development & Regulatory Authority (IDRA).

Bangladesh Insurance Academy (BIA) will also be involved in the seminar, which was established by Bangabandhu Sheikh Mujibur Rahman in 1973 to create skilled and trained professionals in the insurance industry.

The Bangladesh Insurance Academy has received international recognition for its efforts in promoting the insurance industry. The Academy has been accredited by the International Association of Insurance Supervisors (IAIS).

The IAIS is a global organization that sets standards for insurance regulation and supervision. This accreditation is a testament to the Academy's commitment to excellence in insurance education.

The Academy's international recognition has also led to collaborations with top insurance institutions worldwide. It has partnered with the Chartered Insurance Institute (CII) to offer joint certifications to students.

The CII is a leading professional body for the insurance industry, and this partnership has enhanced the Academy's reputation globally. By offering joint certifications, the Academy has made its programs more attractive to students from around the world.

The Academy's international recognition has also opened up opportunities for its graduates. They can now pursue careers in the insurance industry globally, thanks to the Academy's partnerships with international institutions.

The Academy's commitment to international standards has made it a hub for insurance education in South Asia. Its programs are now sought after by students from neighboring countries.

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The future of insurance in Bangladesh is looking promising, but there's still a long way to go. The government has set a target to increase the insurance sector's contribution to GDP to 4% by 2021, which is still a challenging task.

The current contribution of the insurance sector to GDP is a mere 0.55%, compared to the world average of 7%. This is a significant gap that needs to be bridged.

The seminar "Ways & Means for Enhancing Insurance Penetration in Bangladesh" aims to explore the causes behind the low contribution of insurance in GDP and find ways to overcome them. It's a step in the right direction, but more needs to be done.

According to the seminar, only about 10% of Bangladesh's 17 crore people have life insurance, and the life funds of insurance companies have not increased proportionally. This is a concerning trend that needs to be addressed.

The seminar will bring together experts from the insurance industry, government agencies, and neighboring countries to share knowledge and experiences. This collaboration will be crucial in finding solutions to the challenges faced by the insurance sector.

The Bangladesh Insurance Academy (BIA) has been playing a vital role in creating skilled and trained professionals in the insurance industry. It's an autonomous body established in 1973 with the aim of promoting human capital development.

The BIA has been showing excellence as a hub of insurance and risk management training center, with participants drawn from the insurance industry and other business sectors. Its expertise will be essential in shaping the future of insurance in Bangladesh.

The seminar and the BIA's efforts are a positive step towards increasing the insurance sector's contribution to GDP. However, more needs to be done to achieve the government's target.