Nepal’s Insurance Companies Pay Out Over 471 million Rupees to Flood Victims

Kathmandu – Insurance companies in Nepal have disbursed a total of NPR 471.1 million to policyholders affected by severe flooding on September 27 and 28. Leading the charge, Shikhar Insurance has paid NPR 251.9 million, accounting for over half of the total claims paid out by the industry.

Shikhar Insurance, noted for its commitment to prompt claim processing, set an example by handling a significant portion of the claims. Siddhartha Premier Insurance Company followed as the second-highest payer, covering NPR 76.7 million in claims. Other notable contributors include Salico with NPR 43.8 million Himalayan Everest Insurance with NPR 35.5 million and Neco Insurance with NPR 23.4 million.

Several other insurers, such as The Oriental Insurance Company (NPR 7.2 million), National Insurance Company (NPR 2.2 million), IGI Prudential  (NPR 12.5 million), NLG Insurance Company (NPR 5.6 million), Sanima GIC (NPR 7.8 million), Nepal Insurance Company (NPR 9.8 million),  Prabhu Insurance Company (NPR 5.112 million), and United Ajod Insurance Company (NPR 5.1 million), have made smaller payouts. However, the claim payment rate remains low relative to the NPR 10.53 billion in total claims filed by flood victims across Nepal, as only a fraction has been paid to date.

Despite the Nepal Insurance Authority’s efforts to expedite payments and provide relief to those affected, many insured victims report significant delays in receiving funds. With a month and a half since the disaster, numerous policyholders still await their claim settlements.