A Review of Literature on the Life Insurance Business of Bangladesh and the Impact of COVID-19 Pandemic on the Industry

Abstract

The people of Bangladesh are familiar with the life insurance policy from earlier to the birth of the country. But compared to the other Asian neighboring countries life insurance business in the country could not get much growth. Several researchers have extended their work to identify the problems and prospects of the business in the country. Most of them have identified unawareness of the people of the country regarding life insurance policy as one of the reason behind the slow growth of the business. COVID-19 pandemic has put the life of people in more uncertainty. This may lead to a change in the attitude of the people of the country toward life insurance in the future. The aim of the study is to present a comprehensive review of the earlier works that has been done to portray the problems and prospects of the life insurance industry of Bangladesh. It also reviews the information related to the impact of COVID-19 pandemic on the life insurance industry of Bangladesh and reveals that the post COVID-19 pandemic period can be considered as a high time for creating awareness among the people of the country regarding life insurance policy. This study will be helpful for the future researchers and the policy makers to focus on issues essential for growth of the life insurance industry of the country in a post COVID-19 pandemic world.