assignment on Reasons of unpopularity of Insurance in Bangladesh (marks-15)

Expert Solution

The main reasons for the unpopularity of insurance in Bangladesh are

Low income per capita - The lack of earnings is the major problem in the country. As such many of the people are unwilling to shell out Extra in order to secure their life or assets.
Low number of dependents in family - Many part of the population find their job in the unorganised sector at early phase in life and as such they are not dependent on their parent.hence no number of dependents cause unpopularity in insurance
Lack of financial literacy and knowledge about accural /insurance sector.
Limited number of Insurance companies operating in the region.
High underwriting cost due to lack of higher living standards and high premiums are charged.
Belief in islamic finance where along with interest / insuring against death' is considered against god's will.

Hence for all such reasons popularity lacks.

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jeff jeffy answered 2 years ago

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