Kathmandu — The Gen Z movement, which turned violent after Bhadra 23, has left widespread devastation across the country, with property damage estimated in the billions of rupees. Insurance companies fear that claims could surpass Rs 50 billion, posing one of the most severe challenges the sector has faced in recent years. Deep Prakash Pandey, Chief Executive Officer of Shikhar Insurance, said initial estimates of the losses remain uncertain, particularly in private property, as the situation is still highly unstable. “We are deploying surveyors to the affected areas where possible. The environment is very difficult at the moment, but we will begin processing claims as soon as conditions improve,” Pandey noted. Surendra Poudel, CEO of Nepal Reinsurance Company, echoed these concerns, stating that discussions are underway with insurers to address reinsurance obligations and that further coordination with companies and regulators will take place once the environment becomes safer. The heaviest destruction occurred on Tuesday, with further damage reported on Wednesday despite security being reinforced by the Nepal Army. Hotels, supermarkets, telecommunications providers, educational institutions and business complexes were among the main targets. According to Panu Datta Poudel, Chief Operating Officer of Bhatbhateni Supermarket, its branches in Tangal, Maharajgunj, Chitwan, Chuchepati … Continue reading Gen Z Movement Causes Property Damage Worth Billions; Insurers Brace for Over Rs 50 Billion in Claims