The Department of Banking and Insurance at the University of Dhaka and Insurance News BD have signed a memorandum of understanding (MoU) to jointly conduct a comprehensive study on the country’s insurance sector.

Titled “Insurance Sector of Bangladesh: Reality, Challenges and Way Forward,” the study will examine the current state of the industry and identify key challenges and possible policy directions for its future development.

The MoU was signed on Monday at the Department of Banking and Insurance at the University of Dhaka by Dr Md Shahidul Islam Zahid, professor and chairman of the department, and Mostafizur Rahman Tunku, editor and publisher of Insurance News BD.

Dr Mahfuz Kabir, research director at the Bangladesh Institute of International and Strategic Studies (BIISS), and Dr Biswajit Kumar Mondal, consultant at Insurance News BD, were also present at the signing ceremony, along with representatives of the two organisations.

Under the agreement, the two sides will undertake an evidence-based assessment of Bangladesh's insurance industry, focusing on its structure, growth, performance and contribution to the economy.

The study will cover both life and non-life insurance markets, including insurance penetration and density, product development, distribution channels and claims settlement.

It will also examine governance, regulatory and institutional issues, as well as challenges related to technology and human resources. Consumer confidence, service quality, financial inclusion and public awareness of insurance will also form part of the research.

The study will draw on primary and secondary data, along with consultations with relevant stakeholders.

The Department of Banking and Insurance will lead the research design, methodology and data analysis while ensuring academic independence and research integrity. Insurance News BD will act as the sponsoring and collaborating partner, providing financial support, relevant industry data and documents, investigative materials and sectoral expertise, as well as facilitating stakeholder engagement where possible.

The research will begin immediately and is expected to be completed by February 2027, with the findings to be presented in a final research report.

Speaking at the event, Dr Md Shahidul Islam Zahid said the partnership would help bring rigorous academic research to a sector that is important for financial resilience and inclusive economic growth.

“By combining the department’s expertise with Insurance News BD’s sectoral insights, we aim to produce an objective, policy-relevant assessment that can inform regulators, industry stakeholders and the public,” he said.

Mostafizur Rahman Tunku said the initiative reflected Insurance News BD’s commitment to promoting informed discussion on the insurance industry through reporting, investigation and analysis.

He said independent, evidence-based research was important for identifying structural challenges and developing a sustainable path forward for the sector.

The MoU also emphasises research independence. While Insurance News BD will provide data, industry knowledge and input on factual accuracy and practical relevance, the Department of Banking and Insurance will retain responsibility for the analysis, findings and recommendations.

The initiative seeks to bridge academic research and industry knowledge and contribute to a better understanding of Bangladesh’s insurance sector, particularly its role in risk management, long-term savings, financial inclusion and economic stability.