Birendra Baidwar Chhetri Elected President of Nepal Insurance Association with 12-Point Vision

Kathmandu – Birendra Baidwar Chhetri, Chief Executive Officer (CEO) of Siddhartha Premier Insurance, has been appointed as the President of the Nepal Insurance Association. Chhetri officially took the oath of office and secrecy following the 22nd and 23rd Annual General Meetings of the Association held in Kathmandu.

Upon assuming his leadership, Chhetri presented a 12-point commitment to advance the Association’s objectives, emphasizing the need for reform, expansion, and institutional strengthening of the insurance sector in Nepal. He expressed his dedication to working closely with members of the Association to implement timely policies and reforms, aiming to make the sector more systematic, impactful, and aligned with international standards.

Chhetri’s 12-Point Commitment

1. Completing the ongoing work initiated by the outgoing president and office bearers.

2. Conducting studies to propose reforms that make the non-life insurance sector a dignified and essential pillar of the national economy.

3. Initiating long-term solutions for collective risk fund mechanisms agreed upon by insurance companies.

4. Establishing a thematic technical team to research and refine non-life insurance practices to meet global standards.

5. Collaborating with domestic reinsurance companies and regulatory bodies to develop risk models tailored to Nepal’s geography and economic environment.

6. Representing non-life insurers by addressing challenges related to tax policies, insurance regulations, and procedural issues in construction and other sectors.

7. Advocating for domestic reinsurers to be made mandatory for hydropower and large project reinsurance.

8. Enhancing awareness, simplifying premium payment processes, and expanding access to microinsurance, which forms the backbone of non-life insurance.

9. Cooperating with regulatory bodies to develop an integrated health insurance system with proper regulation of health service providers.

10. Encouraging local governments to create policies that promote insuring buildings with the slogan, “Every household has a sense of security.”

11. Implementing the slogan “Climate change has no boundaries, ensure inclusive insurance” by including vulnerable populations in insurance schemes to mitigate the impact of natural disasters.

12. Promoting transparency in the work of insurance intermediaries, including surveyors, agents, reinsurance brokers, and third-party facilitators.

Chhetri has emphasized that collaboration, innovation, and policy reform would be key to achieving the Association’s goals during his tenure. He pledged to prioritize the expansion of the insurance sector, address emerging challenges, and advocate for inclusivity in insurance access.