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 Nepal Insurer Association, Life Insurer Association, Nepal Micro Insurer Association and Nepal Insurance Authority.  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 and Micro Insurance Network. According to main organizer NIA, participation fees being charged to attendees. to One insurer company’s CEO told beemapost, NIA ask for eight lakh per comapny for ICII2024 conference. 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.

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.

(*Some mistaken words have now been carefully edited.)