Shikhar Insurance Pays Rs 420 Million in 17 Days for Gen-Z Protest Claims
Kathmandu — Demonstrating swift action and reliability in crisis response, Shikhar Insurance Company has settled 218 insurance claims within just 17 working days, amounting to Rs 420.1 million, for losses caused during the Gen-Z protest on Ashoj 24.
Despite major national holidays like Dashain and Tihar, along with curfew restrictions, the company continued to work continuously to process and release payments to affected clients, earning recognition for its prompt and efficient claim settlement.
According to Shikhar Insurance, the company has so far received 433 insurance claims worth Rs 2.41 billion related to the protest, accounting for a significant portion of the total Rs 23.22 billion claims filed across the insurance sector. Of these, 42 claim files have been completely settled, with Rs 19.27 million already disbursed. In addition, Rs 401.8 million has been released as advance payments under 176 insurance policies.
“We do not delay in paying claims after insuring. Our surveyors are working continuously in the field, and we are paying up to 50 percent of their estimated valuation as an advance,” said Deep Prakash Pandey, CEO of Shikhar Insurance. He added that the company’s strong financial position allows it to process payments swiftly without any strain.
Pandey clarified that of the total Rs 2.41 billion claim amount, Shikhar Insurance’s actual liability stands at around Rs 370 million, which, after tax deductions, will reduce to roughly Rs 222.3 million—equivalent to the company’s average six-month income. “We have no problem in settling claims,” he assured.
The majority of claims were filed from Bagmati Province (348), followed by Madhesh (24), Lumbini (14), Sudurpaschim (26), Karnali (12), Koshi (6), and Gandaki (3). The highest claim category is property insurance, amounting to Rs 1.77 billion, followed by personal vehicles (Rs 260.1 million), commercial vehicles (Rs 200 million), motorcycles (Rs 63 million), engineering (Rs 132.3 million), and miscellaneous losses (Rs 20.1 million).
Among the notable claims, Bhatbhateni Supermarket—one of the most severely affected during the protest—has received 25 percent of its total claim as an advance payment, with the process underway for another 25 percent.
The company announced that up to 40 percent of total claims will be settled before Tihar, reinforcing its commitment to timely payouts.