Nepal Insurance Authority to Introduce Annual Insurance Policy from Next Fiscal Year

Kathmandu – The Nepal Insurance Authority has announced plans to implement an Annual Insurance Policy starting from the upcoming fiscal year, aiming to ensure structured reforms and promote reliability across the country’s insurance sector.

Speaking at an interaction program organized at the Authority’s central office in Kupandol, Chairman Sharad Ojha emphasized that the new policy would serve as a legal and strategic roadmap to streamline service delivery, allocate resources efficiently, and enhance sectoral accountability. The program was held to discuss the draft of the Annual Insurance Policy, 2082, and included representatives from life, non-life, micro, and reinsurance companies.

According to Chairman Ojha, the policy will provide a projected mechanism for service expansion and monitoring. “With a formal policy in place, it will be easier to implement corresponding programs, define responsibilities of implementing agencies, and carry out timely evaluations,” he noted, highlighting the importance of institutional coordination and performance tracking.

He also urged all stakeholders to review the draft thoroughly and submit their suggestions by Ashad 15(June 29), with assurances that constructive feedback would be considered for integration into the final document.

One of the key challenges identified during the discussion was the delay in insurance claim settlements, despite payments being made. Ojha acknowledged that faster and smoother claim processing is critical to improving public perception and trust in insurance services.

The Authority is also conducting a study on the insurance of government-owned properties, including buildings, roads, and heritage sites. A comprehensive report on this initiative is expected to be submitted to the government soon.

Executive Director Sushildev Subedi reiterated that the annual insurance policy will guide the sector towards sustainable growth and sought active input from stakeholders. The draft of the policy was formally presented by Pujan Dhungel Adhikari, Director at the Authority.

The interaction saw the participation of senior officials from the Nepal Insurance Authority, CEOs of various insurance companies, and representatives from the reinsurance sector. The program was moderated by Assistant Director Sundar Prasad Sharma.