Speakers at a programme Tuesday stressed the need for enhancing people\'s confidence in the insurance sector to help boost the national economy.

Despite having immense potential for contributing to the national economy, the domestic insurance sector\'s contribution to the GDP would be less than one per cent, they pointed out.

They made the observation at the 44th founding anniversary celebration programme of the state-owned Sadharon Bima Corporation (SBC) at a city hotel.

Banking division secretary Md Eunusur Rahman, SBC chairman Professor Shibli Rubayat Ul Islam and its managing director Syed Shahriyar Ahsan attended the programme, among others.

Mr Eunusur Rahman said insurance is an important sector for the national economy, but the people were devoid of confidence in the sector.

"We should take required measures to instill a sense of confidence among them," he said, urging all insurance related personnel to convey their recommendations and suggestions to the concerned government authorities for restoring public confidence.

"Insurance companies should launch new products to attract more clients and make the country\'s economic development more inclusive," he added.

Mr Shahriyar Ahsan pointed out that the insurance sector is yet to function in its full potential, contributing only 0.9 per cent to the GDP.

He praised the government\'s initiatives to boost the sector by framing and amending relevant laws and policies.

"We are hopeful about the insurance business as it will make a significant progress in the coming days due to the government supports," said the SBC managing director. Unlike the developed countries, he said, Bangladesh was still lagging behind providing necessary insurance facilities in case of natural calamities like earthquake, flood and cyclone.

Established on May 14 in 1973, the SBC has been operating as a profit making entity, he noted.