Bangladesh introduces new mortality and morbidity indices to life insurers

The new tables will take effect this 1 January 2024

The Bangladesh Insurance Development and Regulatory Authority (IDRA) told the country’s life insurers to update their mortality and morbidity tables starting next year.

In the Circular released on their website, companies will use the “Bangladesh Assured Lives Mortality Table (2015-2018)” and the “Bangladesh Morbidity Table (2015-2018)” for “the purpose of formulation of insurance schemes, valuation and calculation of reserves, and other purposes related to insurance” starting 1 January 2024.

The World Bank-funded Bangladesh Insurance Sector Development Project prepared these new tables under IDRA’s supervision.

They can still use the mortality table with data from 1949 to 1952. However, it will last until 31 December 2023. Afterwards, insurers will not use the data table without IDRA’s approval.

The circular also stated that the actuaries should adjust their rates based on the new tables, but they must mention the rationale for the adjustment in their notes.

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