CEO Chhetri Urges Mandatory Insurance for Government Property

Kathmandu – Chunky Chhetri, outgoing president of the Nepal Insurers Association and CEO of Sagarmatha Insurance Company, has called for government property to be insured, emphasizing its importance in mitigating financial losses from unforeseen events. Chhetri made the remarks during an interaction program on “Necessity for Economic Revival,” organized by the Nepal Association of Economic Journalists (NAFEJ) on Tuesday.

“Unexpected events have occurred multiple times in Nepal, causing significant damage to government property. During the earthquake, government losses were not insured,” Chhetri said. “Similarly, the recent losses to government property have also gone uninsured. It is essential to ensure government heritage and other assets to safeguard national interests.”

“Insurance companies could not have anticipated that the recent unrest would cause such large-scale damage. Currently, plans are in place to cover around 65 percent of the losses from this incident,” he added.

Chhetri also highlighted the importance of mandatory bank insurance in Nepal, noting that such measures help cover sector-wide risks.