Non-Life Insurers Pay NPR 617 Million for Flood Claims

Kathmandu – Non-life insurance companies in Nepal have paid a total of NPR 617 million for claims related to the devastating floods and landslides of last September. According to data from the Nepal Insurance Authority, this represents settlements for 902 claims out of approximately 12 billion rupees in claims filed as of November 13.

Among the insurers, Shikhar Insurance leads in claim payments, having disbursed NPR 260.6 million for 365 of the 453 claims it received. The company’s efforts have been lauded for providing timely relief to flood-affected policyholders.

Siddhartha Insurance follows with NPR 937 million paid for 105 claims, while The Oriental Insurance has settled claims worth NPR 3.58 million. Other notable contributions include NPR 582 million by Sagarmatha Lumbini Insurance, NPR 461 million by Himalayan Everest Insurance, and NPR 69 million by Neco Insurance. United Ajod Insurance has settled NPR 34 million in claims, while Sanima GIC Insurance and IGI Prudential Insurance have paid NPR 2.58 million and NPR 2.5 million, respectively.

The government-owned Rastriya Beema Company has drawn criticism for failing to pay any claims despite receiving claims worth NPR 200 million. The Nepal Insurance Authority has not commented on the matter, raising concerns over regulatory oversight.

In response to the disaster, the Insurance Authority has simplified the claims process, allowing policyholders to file claims via phone, email, or by visiting the nearest branch of their insurance provider. The timely payment of claims remains crucial in aiding communities affected by the floods and landslides.