The condition of spending more than the insurance amount while struggling to get insurance claim payment should be put an end-Chief Minister Karki

Kathmandu: Nepal Insurance Authority has organized an insurance-related interaction and discussion program with the government of Koshi Province on 18th of December, 2023 A.D in the auditorium of the office of the Chief Minister and Council of Ministers of Koshi Province, Biratnagar.

The chief guest in the program, Chief Minister of Koshi Province, Kedar Karki, has expressed his commitment to move forward with legal and policy arrangements for the development of the insurance sector and expansion of the scope of insurance.

Chief Minister Karki said, “Insurance companies should not provide insurance by showing greed or influence, they should end the situation of struggling and spending more than the insurance amount in order to get insurance claim payment and also they should create a situation where they can get insurance spontaneously.”

Chief Minister Karki mentioned that farmers do not get insurance claims, but big insureds get them easily, so the trust in insurance will not increase in this way

Chief Minister Karki mentioned that poor farmers do not get insurance claims, but large insureds get them easily, so the trust in insurance will not increase in this way. He said that without copying foreign countries, insurance company should bring insurance articles based on the geographical conditions of the country and the needs of the citizens. He also suggested to bring the insurance policy in simple language that everyone can understand without using words like “or, but” in the insurance policy as the policy should be straight and simple about the claim weather it will be claimed or not.

The Chairman of Nepal Insurance Authority, Surya Prasad Silwal, has pointed out the need for the government to connect insurance with the main strategy of poverty reduction, as insurance can also contribute to poverty reduction.

Chairman Silwal said, “Insurance operates on the basis of international principles, claims are being paid if anyone has done insurance, there is no problem in claim payment as it has appeared in the news because more than 70 percent of claims have been paid by insurance companies.”

Mentioning the assistance in bringing insurance articles based on the geographical needs of the country, President Silwal said, “The government cannot take all the responsibilities but the responsibility can be transferred through insurance for a small amount, the provincial government should also pay attention to this, bring a provincial insurance policy and helping in formulating an insurance policy as well as Insurance authority is also ready to help in any kind of matter to improve the insurance standard”

Dinesh Kumar Lal, director of Nepal Insurance Authority, gave a presentation on the importance of insurance, the current situation of the insurance market, the role of the provincial government in the development and expansion of insurance, etc.

Minister of Koshi Province, Chief Secretary and Secretaries of Provincial Ministries, Executive Director of Nepal Insurance Authority, officials of various government agencies in the province, Chief Executive Officer of Himalayan Life Insurance Limited, Chief Executive Officer of Sanima GIC Insurance Limited, Nepal Insurance Authority, Head of Koshi Province Office and others participated in this program.