Non-life Insurance Companies Pay Over Rs 3.68 Billion in Gen-Z Protest Claims

Kathmandu — Non-life insurance companies have paid a total of Rs 3.68 billion in insurance claims related to the Gen-Z protests that occurred on Bhadra 23 and 24, according to the latest data released by the Nepal Insurance Authority on Tuesday.

A total of 14 non-life and four micro non-life insurance companies operating in Nepal have settled these claims, which were filed for property and vehicle damages, as well as engineering and other losses incurred during the protests.

The Authority stated that the total insurance claims lodged for physical and other damages amounted to Rs 23.46 billion. Out of this, 693 property insurance claims worth Rs 19.49 billion and 2,290 motor insurance claims amounting to Rs 68.61 billion have been paid, including advance settlements.

Similarly, 209 claims under engineering and contract risk insurance have been settled, totaling Rs 547.5 million, alongside other smaller categories of claims amounting to Rs 47 million and Rs 393 million, respectively.

To facilitate these payments, the Nepal Reinsurance Company (Nepal Re) has provided Rs 2.48 billion in advance to non-life insurers. The company has so far received 2,857 reinsurance claims, with a total estimated value of Rs 15.82 billion.