Businesses have so far submitted insurance claims worth more than Tk 600 crore after a fire tore through the import cargo complex of Dhaka airport last month.

Insurers say the amount is about the initial claims that they received following the incident. Assessment is now underway, and insurance payouts will depend on a full review of policy conditions and verified losses.

According to the Bangladesh Insurance Association (BIA), the apex body of the country's private insurers, businesses have so far submitted claims totalling Tk 608.94 crore to 44 non-life insurers.

Prime Insurance Company Limited has yet to submit their information, said Md Omar Faruque, secretary of the association.

Adeeba Rahman, first vice-president of BIA, said the amount reflects first-round claims.

Insurance policies carry several conditions, and the final loss figure may change once verification is complete, she said.

Following the October 18 fire in the import cargo complex, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) estimated that around Tk 97 crore worth of goods had been damaged.

The pharmaceutical sector fears losses of about Tk 4,000 crore due to destroyed raw materials.

A government probe has found that unsafe storage practices and the absence of fire protection systems allowed the blaze to spread.

Investigators initially identified two likely causes -- overheating of lithium-ion batteries stored without temperature control and an electrical short circuit. The probe committee ruled out arson or sabotage.

WHAT INSURERS ARE SAYING

Khaled Mamun, chief executive officer of Reliance Insurance PLC, said companies across food, ready-made garments, chemicals, cement, pharmaceuticals, and power have filed claims following the fire.

He said more than 113 entities have submitted documents so far, with claims reaching around Tk 40 crore.

The CEO added that the figures are preliminary, as surveyors will determine actual losses.

Brigadier General (Retd) Md Shafique Shamim, managing director of Sena Insurance PLC, said claim intimations began on the day of the fire.

Twelve companies have filed 32 policies amounting to Tk 10 crore, and Tk 21 lakh has already been settled.

He said roughly 70 percent of claims come from the RMG sector, five percent from pharmaceuticals, and about 20 percent from machinery linked to shipbuilding.

Surveyors initially could not enter the fire-ravaged complex. But once they confirmed the damage, claims were processed swiftly.

SM Mahbubul Karim, chief executive officer of Nitol Insurance Company Limited, said six insurers have submitted preliminary information.

According to him, businesses across commodities, ready-made garments, pharmaceuticals, and power have filed insurance claims, though a full assessment is needed before insurers can present a clear picture.

Syed Sehab Ullah Al-Manjur, chief executive officer of Pragati Insurance Limited, said the company has received claims from several sectors, including RMG and pharmaceuticals.

He said more than 12 entities have filed primary intimations, with losses reaching around Tk 25 crore. Five clients have already submitted supporting documents, and each case is being reviewed to determine the scale of damage.

Ahmed Saifuddin Chowdhury, managing director of Bangladesh General Insurance Company PLC, said the firm has received claims from several sectors, including paints and pharmaceuticals.

Chowdhury said they have received 74 claims over the airport fire so far. Of these, some 34 claims amounting to Tk 16 crore are payable.

Saifunnahar Sumi, spokesperson of the Insurance Development and Regulatory Authority (Idra), said insurers have begun submitting loss information as instructed by the regulator, although data from a few companies is still pending.

She said she could not provide further details at this stage.

Prof Md Shahidul Islam Zahid, chairman of the Department of Banking and Insurance at Dhaka University, said the initial round of insurance claims at least provides a sense of the scale of losses caused by the fire.

He added that the assessment and settlement process should not take long. "Goods were burned, but the documentation for cargoes arriving or being exported is not. They must be online or kept somewhere secure."

According to him, assessment involves a surveyor or assessor and an actuary -- an insurance risk analyst -- in other countries.

In Bangladesh, however, Prof Zahid said there are only two or three full-time actuaries.