Non-Life Insurance Companies in Nepal Pay Rs. 4.24 Billion in Claims in First Quarter

Kathmandu – In the first quarter of the current financial year, non-life insurance companies in Nepal paid a total of Rs. 4.24 billion in insurance claims. The claims were paid by 14 non-life insurance companies to their insured within the three-month period.

However, the total claim payments have decreased by 18.69 percent compared to the same period last year. Last year, the companies paid insurance claims worth a significantly higher amount. Despite the overall decline, five companies reported an increase in claims during the period, helping build trust among policyholders.

Among the non-life insurers, IGI Prudential Insurance recorded the highest increase in claim payments, with a 51.70 percent rise compared to the previous year. The company paid Rs. 672.7 million in claims. Similarly, Shikhar Insurance reported a 31.67 percent increase, paying out a total of Rs. 644.4 million. Shikhar Insurance has also gained recognition for introducing the fastest and easiest claim payment process in the life insurance sector.

On the other hand, Sagarmatha Lumbini Insurance saw a significant decline of 52.10 percent in its total claim payments, which amounted to Rs. 449.2 million. Several other companies also reported a decrease, with Salico and nine other companies seeing reductions in claim payments ranging from 13 to 56 percent.

Other notable companies and their claim payments include Oriental Insurance, which paid Rs. 188.6 million, and National Insurance, which paid out Rs. 169 million. Meanwhile, Sanima GIC Insurance paid Rs. 150.2 million, and Nepal Insurance paid Rs. 133 million. The government-owned Rastriya Beema Company paid Rs. 48.7 million in claims.