Mandatory House Insurance and Local-Level Subsidies Recommended in New Reform Report

Kathmandu — The High-Level Economic Reforms Advisory Commission has recommended that the Government of Nepal make house insurance mandatory when approving residential building plans in urban areas. The recommendation comes as part of a comprehensive report submitted by the Commission, which is chaired by Finance Secretary Rameshwor Prasad Khanal.

Among the key suggestions, the Commission has proposed reducing insurance premiums by adjusting them according to the taxable value of properties. The Commission has also urged the government to establish a dedicated Insurance Academy to build skilled human resources and enhance institutional capacity in the sector.

In a bid to support rural livelihoods, the report recommends that subsidies for agricultural and livestock insurance be managed and distributed through local governments.