| Financier | Commitments |
|---|---|
| Borrower/Recipient | 15.00 |
| IDA Credit | 65.00 |
Bangladesh Insurance Sector Development Project
Development Objective
The project development objective is to strengthen the institutional capacity of the regulator and state-owned insurance corporations and increase the coverage of insurance in Bangladesh.
Key Details
Project Details
P156823
Closed
Wenye Dong , Anzhela Prygozhyna
People's Republic of Bangladesh
April 6, 2016
(as of board presentation)
March 20, 2017
July 8, 2018
US$ 80.00 million
Insurance Development and Regulatory Authority (IDRA)
2017
US$ 65.00 million
C
January 30, 2024
August 30, 2024
Yes
BANK APPROVED
Finances
Financing Plan (US$ Millions)
Total Project Financing (US$ Millions)
| Product Line | IBRD/IDA |
|---|---|
| IBRD Commitment | N/A |
| IDA Commitment | 65.00 |
| IBRD + IDA Commitment | 65.00 |
| Lending Instrument | |
|---|---|
| Grant Amount | N/A |
| Total Project Cost** | 80.00 |
Summary Status of World Bank Financing (US$ Millions) as of March 31, 2025
No data available.
| Period | Financier | Transaction Type | Amount (US$) |
|---|---|---|---|
| Mar 15, 2024 | IDA-59720 | Int Charges | 167,384.12 |
| Mar 15, 2024 | IDA-59720 | Int Charges | -0.01 |
| Mar 15, 2024 | IDA-59720 | Int Charges | -0.01 |
| Jul 6, 2023 | IDA-59720 | Loan Disb | 300,397.50 |
| Jun 23, 2023 | IDA-59720 | Loan Disb | 3,333,330.00 |
| Jun 23, 2023 | IDA-59720 | Loan Disb | 2,951,477.80 |
| Jun 26, 2023 | IDA-59720 | Loan Disb | 234,996.94 |
| Jun 2, 2023 | IDA-59720 | Loan Disb | 1,272,464.00 |
| Nov 8, 2023 | IDA-59720 | Loan Disb | 231,735.06 |
| Dec 18, 2023 | IDA-59720 | Loan Disb | 429,204.38 |
| Nov 16, 2023 | IDA-59720 | Loan Disb | 47,872.78 |
| Oct 25, 2023 | IDA-59720 | Loan Disb | 480,841.38 |
| Oct 25, 2023 | IDA-59720 | Loan Disb | 287,893.70 |
| Oct 25, 2023 | IDA-59720 | Loan Disb | 754,345.10 |
| Nov 3, 2023 | IDA-59720 | Loan Disb | 839,127.50 |
| Mar 27, 2023 | IDA-59720 | Loan Disb | 392,726.40 |
| May 10, 2023 | IDA-59720 | Loan Disb | 167,260.22 |
| Mar 15, 2023 | IDA-59720 | Int Charges | 1,273.86 |
| Mar 15, 2023 | IDA-59720 | Int Charges | 1,273.86 |
| Aug 7, 2023 | IDA-59720 | Loan Disb | 1,731,474.80 |
| Feb 22, 2023 | IDA-59720 | Loan Disb | 260,920.34 |
| Jan 26, 2023 | IDA-59720 | Loan Disb | 164,677.56 |
| Mar 15, 2023 | IDA-59720 | Int Charges | 91,475.66 |
| Mar 15, 2023 | IDA-59720 | Int Charges | 91,475.66 |
| Sep 15, 2023 | IDA-59720 | Loan Repay | 902.11 |
| Sep 15, 2023 | IDA-59720 | Loan Repay | 986,077.40 |
| May 30, 2023 | IDA-59720 | Loan Disb | 1,286,470.10 |
| Sep 15, 2023 | IDA-59720 | Int Charges | 129,285.40 |
| Sep 15, 2023 | IDA-59720 | Int Charges | 129,285.40 |
| Aug 29, 2023 | IDA-59720 | Loan Disb | 159,398.20 |
| Jun 5, 2023 | IDA-59720 | Loan Disb | 1,232,980.50 |
| Jun 5, 2023 | IDA-59720 | Loan Disb | 1,586,607.90 |
| Jun 5, 2023 | IDA-59720 | Loan Disb | 1,022,744.90 |
| Nov 23, 2022 | IDA-59720 | Loan Disb | 1,375,397.10 |
| Nov 1, 2022 | IDA-59720 | Loan Disb | 93,149.01 |
| Sep 30, 2022 | IDA-59720 | Loan Disb | 27,862.53 |
| Sep 30, 2022 | IDA-59720 | Loan Disb | 60,251.87 |
| Sep 30, 2022 | IDA-59720 | Loan Disb | 1,121,991.60 |
| Sep 15, 2022 | IDA-59720 | Int Charges | 659.03 |
| Sep 15, 2022 | IDA-59720 | Int Charges | 659.03 |
| Mar 15, 2022 | IDA-59720 | Int Charges | 377.90 |
| Mar 15, 2022 | IDA-59720 | Int Charges | 377.90 |
| Mar 15, 2022 | IDA-59720 | Int Charges | 35,873.44 |
| Mar 15, 2022 | IDA-59720 | Int Charges | 35,873.44 |
| Feb 15, 2022 | IDA-59720 | Loan Disb | 113,873.89 |
| Dec 22, 2021 | IDA-59720 | Loan Disb | 94,040.71 |
| Jul 13, 2022 | IDA-59720 | Loan Disb | 777,724.20 |
| Mar 9, 2022 | IDA-59720 | Loan Disb | 159,641.25 |
| Apr 18, 2022 | IDA-59720 | Loan Disb | 1,787,483.90 |
| Jan 13, 2022 | IDA-59720 | Loan Disb | 467,238.25 |
| Sep 1, 2022 | IDA-59720 | Loan Disb | 938,786.20 |
| Sep 1, 2022 | IDA-59720 | Loan Disb | 5,063,698.00 |
| Jun 17, 2021 | IDA-59720 | Loan Disb | 289,343.20 |
| Apr 12, 2021 | IDA-59720 | Loan Disb | 840,850.70 |
| Aug 19, 2021 | IDA-59720 | Loan Disb | 106,888.81 |
| May 27, 2021 | IDA-59720 | Loan Disb | 76,526.89 |
| Nov 18, 2021 | IDA-59720 | Loan Disb | 73,415.16 |
| Sep 15, 2021 | IDA-59720 | Loan Disb | 347,000.62 |
| Nov 23, 2021 | IDA-59720 | Loan Disb | 165,221.97 |
| Sep 15, 2021 | IDA-59720 | Int Charges | 280.74 |
| Sep 15, 2021 | IDA-59720 | Int Charges | 280.74 |
| Sep 15, 2021 | IDA-59720 | Int Charges | 31,660.21 |
| Sep 15, 2021 | IDA-59720 | Int Charges | 31,660.21 |
| May 23, 2022 | IDA-59720 | Loan Disb | 1,030,370.06 |
| Sep 15, 2022 | IDA-59720 | Int Charges | 45,005.02 |
| Sep 15, 2022 | IDA-59720 | Int Charges | 45,005.02 |
| Sep 22, 2022 | IDA-59720 | Loan Disb | 45,205.48 |
| Nov 4, 2022 | IDA-59720 | Loan Disb | 1,628,009.80 |
| Nov 4, 2022 | IDA-59720 | Loan Disb | 1,441,500.00 |
| Dec 14, 2022 | IDA-59720 | Loan Disb | 47,301.33 |
| Mar 16, 2023 | IDA-59720 | Loan Disb | 968,573.00 |
| Jun 21, 2022 | IDA-59720 | Loan Disb | 35,146.00 |
| May 12, 2022 | IDA-59720 | Loan Disb | 211,342.58 |
| Mar 15, 2021 | IDA-59720 | Int Charges | 387.08 |
| Mar 15, 2021 | IDA-59720 | Int Charges | 387.08 |
| Mar 15, 2021 | IDA-59720 | Int Charges | 24,885.56 |
| Mar 15, 2021 | IDA-59720 | Int Charges | 24,885.56 |
| Jan 14, 2021 | IDA-59720 | Loan Disb | 241,771.17 |
| Dec 14, 2020 | IDA-59720 | Loan Disb | 128,469.31 |
| Feb 8, 2021 | IDA-59720 | Loan Disb | 639,395.70 |
| Jul 26, 2021 | IDA-59720 | Loan Disb | 293,545.22 |
| Jun 9, 2020 | IDA-59720 | Loan Disb | 1,236,021.20 |
| Nov 12, 2020 | IDA-59720 | Loan Disb | 391,992.75 |
| Sep 15, 2020 | IDA-59720 | Int Charges | 20,282.54 |
| Sep 15, 2020 | IDA-59720 | Int Charges | 20,282.54 |
| Sep 15, 2020 | IDA-59720 | Int Charges | 42.34 |
| Sep 15, 2020 | IDA-59720 | Int Charges | 42.34 |
| Sep 15, 2019 | IDA-59720 | Int Charges | 17,584.29 |
| Sep 15, 2019 | IDA-59720 | Int Charges | 17,584.29 |
| Sep 15, 2019 | IDA-59720 | Int Charges | 31.23 |
| Sep 15, 2019 | IDA-59720 | Int Charges | 31.23 |
| Mar 15, 2020 | IDA-59720 | Int Charges | 148.43 |
| Mar 15, 2020 | IDA-59720 | Int Charges | 148.43 |
| Mar 15, 2020 | IDA-59720 | Int Charges | 17,531.10 |
| Mar 15, 2020 | IDA-59720 | Int Charges | 17,531.10 |
| Oct 17, 2018 | IDA-59720 | Loan Disb | 4,771,561.50 |
| Mar 15, 2019 | IDA-59720 | Int Charges | 14,686.28 |
| Mar 15, 2019 | IDA-59720 | Int Charges | 14,686.28 |
| Feb 8, 2024 | IDA-59720 | Loan Disb | 199,044.22 |
| Jun 3, 2024 | IDA-59720 | Loan Disb | 164,997.73 |
| Mar 20, 2017 | IDA-59720 | Loan Commitment | 65,000,000.00 |
| Dec 14, 2023 | IDA-59720 | Loan Disb | 323,739.80 |
| Jan 17, 2024 | IDA-59720 | Loan Disb | 171,993.60 |
| Oct 16, 2023 | IDA-59720 | Loan Disb | 258,957.69 |
| Apr 15, 2024 | IDA-59720 | Loan Disb | 27,010.77 |
| May 2, 2024 | IDA-59720 | Loan Disb | 462,193.50 |
| Jun 18, 2024 | IDA-59720 | Loan Disb | 163,689.30 |
| Jun 18, 2024 | IDA-59720 | Loan Disb | 2,060,740.10 |
| Mar 15, 2024 | IDA-59720 | Loan Repay | 28,853.84 |
| Jun 18, 2024 | IDA-59720 | Loan Disb | 1,375,383.20 |
| Mar 15, 2024 | IDA-59720 | Loan Repay | 967,765.50 |
| Mar 15, 2024 | IDA-59720 | Loan Repay | 0.01 |
| Mar 15, 2024 | IDA-59720 | Int Charges | 167,384.12 |
Ratings
IMPLEMENTATION RATINGS
| Name | Review | Date |
|---|---|---|
| Financial Management | Moderately Unsatisfactory | 2024-01-08 |
| Counterpart Funding | Satisfactory | 2024-01-08 |
| Monitoring and Evaluation | Satisfactory | 2024-01-08 |
| Overall Implementation Progress (IP) | Moderately Satisfactory | 2024-01-08 |
| Progress towards achievement of PDO | Moderately Satisfactory | 2024-01-08 |
| Procurement | Moderately Satisfactory | 2024-01-08 |
| Project Management | Satisfactory | 2024-01-08 |
COMPLETION RATINGS
No data available.
INDEPENDENT EVALUATION RATINGS
No data available.
Results Framework
PROJECT DEVELOPMENT OBJECTIVE INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
IDRA adopted new smart risk based regulatory approach, supervisory technique along with IT/MIS solutions (smart RBS) Value No No RBS framework adopted by IDRA Date February 24, 2017 June 30, 2023 February 28, 2024 Comment Number of insurance policy holders (life and non-life) (Number, Custom) Value 17000000.00 33112653.00 24000000.00 Date December 31, 2015 June 30, 2023 February 28, 2024 Comment
INTERMEDIATE RESULTS INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
Total number of policy holders at JBC and SBC Value 463000.00 1961333.00 600000.00 Date December 29, 2017 June 30, 2023 February 28, 2024 Comment Female beneficiaries (net increase yoy in female policy holders of JBC and SBC who pay a premium for an insurance policy) Value 0.00 0.00 30000.00 Date December 31, 2015 December 31, 2017 August 31, 2022 Comment Solvency margin rule for insurance companies issued by IDRA and implemented Value Not issued Not issued Implemented Date December 29, 2017 October 30, 2023 February 28, 2024 Comment Net Claims ratio at JBC Value 66.00 82.72 67.00 Date December 29, 2017 June 30, 2023 February 28, 2024 Comment Direct project beneficiaries who feel that project investments reflected their needs Value 0.00 73.00 80.00 Date December 29, 2017 June 30, 2023 August 27, 2024 Comment Corporate governance regulations issued by IDRA are followed by insurance companies Value 0.00 0.00 70.00 Date December 29, 2017 October 30, 2023 February 28, 2024 Comment Net Claims ratio at SBC Value 35.00 47.58 55.00 Date December 29, 2017 June 30, 2023 February 28, 2024 Comment Insurance Companies follow Claims Management Methodology and regulation issued by IDRA Value 0.00 0.00 60.00 Date December 29, 2017 October 30, 2023 February 28, 2024 Comment Premium growth rate at JBC Value 7.00 42.62 17.00 Date December 29, 2017 June 30, 2023 February 28, 2024 Comment Insurance companies issue key facts statements to policy holders following new Consumer Protection regulations issued by IDRA Value 0.00 0.00 70.00 Date December 29, 2017 October 30, 2023 February 28, 2024 Comment Premiums growth rate at SBC Value 7.00 15.80 16.00 Date December 29, 2017 June 30, 2023 February 28, 2024 Comment Mortality and Morbidity tables produced Value No Yes Yes Date December 29, 2017 October 30, 2023 February 28, 2024 Comment Solvency margin rule issued by IDRA is implemented by JBC and SBC Value No no Implemented Date December 29, 2017 October 30, 2023 February 28, 2024 Comment Number of people who receive ABIA Diplomas and Certificates Value 50.00 325.00 450.00 Date December 29, 2017 June 30, 2023 February 28, 2024 Comment Insurance companies follow off-site monitoring templates issued by IDRA for smart risk based supervision. Value No No 40% life and non-life insurance companies comply w Date December 29, 2017 June 30, 2023 February 28, 2024 Comment Life Insurance policies that lapse after one year at JBC Value 50.00 37.22 43.00 Date December 29, 2017 June 30, 2023 February 28, 2024 Comment Direct project beneficiaries (net increase in policy holders of JBC and SBC who pay a premium for an insurance policy) Value 0.00 587509.00 130000.00 Date July 8, 2018 June 30, 2023 August 27, 2024 Comment On-site inspections of insurance companies performed annually by IDRA (Number, Custom) Value 0.00 10.00 40.00 Date December 29, 2017 June 30, 2023 February 28, 2024 Comment