Non-Life Insurers Disburse Over NPR 1.19 Billion in Flood and Landslide Claims

Kathmandu – In the aftermath of the devastating floods and landslides that recently impacted Nepal, non-life insurance companies have collectively disbursed over NPR 1.19 billion in advance claims payments to those affected by the disaster. These payments aim to offer immediate relief to policyholders while the full claims settlements are still being processed.

So far, insurance companies have received claims totaling NPR 13.36 billion for damages caused by the floods and landslides. As of December 11, over 1,500 claims have been paid in advance and while the verification and survey processes for final settlements are still ongoing, insurers have acted swiftly to provide partial payments in order to alleviate the immediate financial burden on policyholders.

Among the companies, Shikhar Insurance has emerged as the leader, disbursing NPR 307.8 million across 407 claims. Other insurers have also contributed significant amounts, with Siddhartha Premier Insurance paying out NPR 255.2 million, Himalayan Everest Insurance releasing NPR 109.3 million, and Sagarmatha Lumbini Insurance providing NPR 145.4 million in advance payments. Neco Insurance and The Oriental Insurance have also made substantial payouts. While many companies have taken quick action to support policyholders, government-owned Rastriya Beema Company and Trust Microinsurance have yet to release any advance payments, though they have received claims.

The claims filed with non-life insurance companies cover a wide range of categories, including property, motor, engineering, and livestock insurance. Property insurance alone has seen disbursements totaling NPR 874.9 million, while motor insurance claims, covering both private and public vehicles, have received NPR 252.8 million in advance payments. Engineering and crop insurance claims have also been addressed, receiving payments of NPR 44.3 million and NPR 7.2 million, respectively.

While insurers have worked diligently to process the claims, they have indicated that the volume of new claims is expected to decrease, as most claims have already been filed. Final claim settlements will be made once surveyors complete their assessments and the necessary documentation is submitted.