Flood Damage Triggers Insurance Claims Worth NPR 11.82 Billion

Kathmandu – Floods across Nepal have resulted in insurance claims amounting to NPR 11.82 billion, according to data released by the Nepal Insurance Authority as of November 13. A total of 3,418 claims have been filed across 14 non-life insurance companies and four micro-insurance providers.

Siddhartha Premier Insurance reported the highest claim amount, with 501 claims totaling NPR 2.6 billion. Of this, the company has already paid NPR 937 million. The Oriental Insurance Company has received 176 claims worth over NPR 1.51 billion, while Sagarmatha Lumbini Insurance registered 377 claims valued at NPR 1.36 billion.

Shikhar Insurance processed 453 claims worth NPR 1.05 billion, paying NPR 260 million so far. Other major claims include Himalayan Everest Insurance with 243 claims worth NPR 100 million, Neco Insurance with 219 claims totaling NPR 760 million, and United Ajod Insurance handling 323 claims worth NPR 720 million.

Smaller claims include NPR 530 million for Sanima GIC Insurance, NPR 500 million each for IGI Prudential Insurance and National Insurance, NPR 470 million for NLG Insurance, and NPR 360 million for Nepal Insurance. Prabhu Insurance and the government-owned Rastriya Beema Company each reported claims of NPR 200 million.

Notably, Rastriya Beema Company has yet to settle any claims, despite regulatory pressure. The Nepal Insurance Authority has urged all insurers to expedite claim settlements and ensure affected individuals receive timely compensation.

In response to the widespread losses caused by incessant rainfall, the Authority has also simplified the claims process. Policyholders can now file claims via phone, email, or by visiting the nearest branch of their insurance provider.