Insurance Claims from Gen-Z Movement and Floods Cross Rs 27 Billion

Kathmandu – The Nepal Insurance Authority has released updated figures showing that non-life insurance companies have received claims exceeding Rs 27 billion for damages caused by last year’s Gen-Z movement and floods and landslides on the month of Ashoj.

According to the authority, the recent Gen-Z movement resulted in extensive physical and property losses nationwide. Insurance companies have so far received 3,300 claims, mainly related to damaged structures and vehicles, amounting to Rs 23.44 billion. Of this, insurers have already paid out Rs 4.38 billion, including advance settlements.

Property insurance claims make up the largest portion, with 710 claims valued at Rs 19.1 billion. Similarly, motor insurance accounted for 2,308 claims worth Rs 3.48 billion, the authority reported.

In addition to movement-related damages, insurance companies have also been processing claims filed after the incessant rains, floods and landslides of Ashoj 18. So far, 781 preliminary claims have been lodged, totaling approximately Rs 4.4 billion. However, payouts in this category have been slow: out of claims valued at over Rs 4 billion, only 67 claims have been settled to date, amounting to Rs 18.8 million.

The highest number of claims in the month of Ashoj disaster category also falls under property insurance, with 410 claims accounting for Rs 3.45 billion in losses.

Meanwhile, Nepal Reinsurance Company has stated its readiness to support insurers in handling the large volume of claims arising from the Gen-Z movement. The company has already provided non-life insurance companies with advance claim payments of around Rs 2.56 billion. Nepal Re said it has received 2,861 claims worth Rs 15.81 billion from 14 non-life insurers so far.