20 million Collected from Nepali Insurance Companies for International Inclusive Insurance Conference

Kathmandu, More than Rs 20 million has been collected from insurance companies operating in Nepal for the International Inclusive Insurance Conference 2024, organized by the Munich Re Foundation, a subsidiary of Munich Re Insurance, the world’s largest reinsurance company. The conference is scheduled to take place from October 21 to 25 at Hotel Yak & Yeti in Kathmandu.

 

The conference is part of a major project led by the Munich Re Foundation, with participation fees being charged to attendees. According to sources, each reinsurance company has been asked to contribute Rs 15 to 20 lakhs, while non-life and life insurance companies have been charged Rs 8 lakhs each. Smaller insurance companies have been required to contribute Rs 5 lakhs.

 

For participants attending the conference, those registering after October 1 are required to pay a fee of Rs 70,000 (private sector companies) and Rs 55,000 (Non- profit organizations public sector) each. Organizers claim that the participation fee is meant to support the successful execution of the international event. The decision to hold the event in Nepal was announced last year at the International Inclusive Insurance Conference 2023 in Ghana.

 

Despite the lofty aims of the conference, concerns have been raised about the appropriateness of requiring insurance companies from a developing country like Nepal to contribute such large sums. Insurance experts have criticized the practice, with many questioning whether the benefits of the event justify the costs.

 

Sushil Dev Subedi, spokesperson for the Nepal Insurance Authority, declined to comment on whether official permission had been granted to raise funds, saying only that the collection of funds may have been necessary to ensure the event’s success. Meanwhile, Ashok Khadka, General Secretary of the Nepal Insurance Association, could not be reached for comment.

 

Experts in the insurance field argue that while international events like this can provide valuable exposure, raising large sums from companies in a country with limited resources raises concerns about the economic impact on the local industry.