Photo : UNDP

DHAKA, July 2, 2026 (BSS) - The United Nations Development Programme (UNDP), in partnership with the Insurance Development and Regulatory Authority (IDRA), organised a national inception workshop in Dhaka today to initiate the development of a national microinsurance regulatory framework aimed at expanding access to affordable, appropriate and reliable insurance services for low-income, underserved and climate-vulnerable communities.

Speaking as the chief guest at the workshop, IDRA Chairman Mir Nadia Nivin highlighted the importance of the initiative for the insurance sector’s growth. 

“The insurance sector must continue to explore innovative distribution channels that can reach underserved communities and genuinely meet their needs. By establishing an appropriate microinsurance regulatory framework and promoting effective partnerships, including with microfinance institutions, we can significantly improve insurance penetration and strengthen financial resilience across Bangladesh,” she said.

Sarder Asaduzzaman, Assistant Resident Representative, UNDP Bangladesh, stressed that microinsurance is not simply an insurance product but is also a resilience-building instrument.
 
“UNDP's role is rooted in our mandate to support countries in advancing resilience, financial inclusion, and sustainable development. Our objective is not to prescribe a particular market model. Rather, it is to support Bangladesh in developing a microinsurance regulatory framework that enables innovation, promotes consumer protection, strengthens market confidence, and expands access to appropriate insurance solutions,” he said.

Professor Dr. Mohammed Helal Uddin, Executive Vice Chairman of Microcredit Regulatory Authority (MRA), emphasized that there are clear opportunities for regulatory collaboration between the insurance and microfinance sectors, said an UNDP press release. 

“We can’t bypass regulation, but we can certainly simplify it. By bringing together regulators, insurers, and microfinance institutions, we can develop a framework that expands insurance access while safeguarding the interests of policyholders”, he stated.

The workshop brought together representatives from IDRA, MRA, insurance companies, microfinance institutions, financial institutions, InsurTech firms and development partners. 

Participants discussed the regulatory, institutional and market reforms needed to expand microinsurance while ensuring consumer protection, market confidence and responsible innovation.
The recommendations will inform a Regulatory Gap Analysis, a Draft Microinsurance Regulatory Framework and a Strategic Roadmap for implementation. 

These outputs are expected to support the development of a practical and inclusive microinsurance market that encourages innovation, protects consumers and strengthens the financial resilience of low-income, underserved and climate-vulnerable communities.