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Ha-Meem makes Tk 100cr insurance claim

Sajjadur Rahman
Ha-Meem Group, an apparel giant, has made insurance claims worth Tk 100 crore, the highest-ever of its kind, as coverage for its recently burnt factories in Ashulia.
The claims were placed with Sonar Bangla Insurance Ltd, a second-generation private general insurance company, confirmed the officials from both sides.
“We submitted our claims to the insurer recently," AK Azad, managing director of Ha-Meem Group, told The Daily Star yesterday.
“We received the papers for the claim. Now we will assess the extent of the losses caused,” said Jahirul Haque, a senior official of Sonar Bangla Insurance Ltd.
Both sides however are uncertain over how long it would take to settle the claim, as it involves lengthy procedures.
Garment workers burned down factories, warehouses and vehicles of Ha-Meem Group on June 29. According to the company's primary assessment, the amount of losses was Tk 150 crore.
Such attacks on garment factories are not new, but the extent of the damage incurred by Ha-Meem Group broke any past records, according to industry insiders.
Meanwhile, insurers are also tensed over the losses borne by the factory. Most of the 43 general insurers are unable to settle large claims with a paid-up capital
ofaboutTk 15-20 crore.
“This is a huge loss. We have to carry out a detailed survey on how we can support the affected apparel manufacturer," the Sonar Bangla Insurance official said.
The insurer has an authorised and paid-up capital of Tk 20 crore and Tk 15 crore respectively.
The damage comes under the purview of fire insurance and the affected company is supposed to report the insurer within 72 hours of the incident, he said, adding that Ha-Meem informed them in due time.
“Because of the nature of the claim, we need time to settle it,” said Jahirul Haque, who has been working in the insurance sector for the past 13 years.
“We also have to sit with the Sadharan Bima Corporation on the issue of reinsurance,” he noted.
Reinsurance is a must for insurance coverage. Sadharan Bima is the lone entity in Bangladesh where insurers have to reinsure at least 50 percent of the insurance coverage.
“There are several formalities and lengthy procedures in Bangladesh to settle insurance claims,” said the Ha-Meem Group boss.
Ha-Meem Group is one of the largest apparel makers and exporters in the country with $150 million in turnover in fiscal 2008-09, employing around 35,000 people.
sajjad@thedailystar.net