He also called for introducing innovative insurance products and responding to challenges and opportunities emerging from the new scenario.

The chief adviser made the call when a delegation of Bangladesh Insurance Association led by its President M Shamsul Alam met him at his office.

"Expansion of insurance coverage at the grassroots level, especially during natural disaster, is both a challenge and an opportunity. Insurance coverage can be extended up to rural areas side by side with micro-credit programmes conducted by various micro-finance institutions," he observed, according to an official of the Chief Adviser's Office.

Dr Ahmed, a former governor of Bangladesh Bank, urged the entrepreneurs operating in insurance sector to work in such a way that both the country's financial sector and society are benefited from the growth of the insurance sector.

The delegation apprised the chief adviser of various problems the insurance sector is facing, including the need for updating insurance laws.

The CA assured the delegation that work is in progress for legal and institutional reforms in the insurance sector.

Executive members of the insurance association, including its Secretary General MM Nurul Islam, and Secretary to the Chief Adviser's Office Kazi Md Aminul Islam, among others, were present at the meeting.