Bangladesh, Sept. 15 -- The Insurance Development and Regulatory Authority (IDRA) aims to improve the claim settlement rate from 57 per cent as of June to at least 75 per cent, as it faces a mammoth volume of unpaid claims worth Tk 70 billion.

Advertisement At a programme at the IDRA office in the capital on Monday, IDRA Chairman Mir Nadia Nivin said the regulator had adopted a two-pronged strategy to reach the goal by gradually clearing the backlog of unpaid claims. She, however, did not mention any timeframe within which the target will be achieved.

Under the strategy, she said, IDRA has been holding meetings with owners and chief executive officers of insurers to identify and resolve obstacles to claim settlement, including complian...