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Bangladesh insurance industry executives fear premiums might drop by 15% to 20% due to the ongoing political turmoil in the country, The Financial Express reported.
Sheikh Kabir Hossain, president of the Bangladesh Insurance Association, said many insurers are likely to face major financial problems. PK Roy, managing director at Rupali Insurance Co. Ltd., said the decrease in trade activities is affecting the industry as the volume of marine insurance has dropped. Imam Shaheen, additional managing director at Phoenix Insurance Ltd., said the cost of reinsurance will increase.