Half of the Population Still Outside Insurance Coverage Remains a Major Challenge and Responsibility for the Authority: Executive Director
Kathmandu — Nepal Insurance Authority Executive Director Sushil Dev Subedi has said that the fact that nearly half of the population still remains outside the scope of insurance is both a major challenge and a significant responsibility for the Authority.
Extending his best wishes on the occasion of the Authority completing 57 years and entering its 58th year, Executive Director Subedi conveyed greetings to the Chairperson, Board Members, insurers, insured individuals, insurance intermediaries, colleagues within the Authority, and all stakeholders.
On the occasion of the anniversary, Subedi stated that the insurance sector’s maturity and the effectiveness of collective efforts have been demonstrated by life insurance coverage reaching 50.31 percent of the total population by mid-April, total investments exceeding NPR 906 billion, and insurers’ financial statements being approved on time, thereby maintaining financial discipline.
However, he noted that the fact that nearly half of the population still remains outside insurance coverage continues to be a major challenge and responsibility.
He added that, in the coming days, the Authority’s management leadership will place special emphasis on digital transformation to make insurance services more technology-friendly. He said the Authority would remain continuously active in strengthening institutional governance and regulatory effectiveness while making the insurance market safer and more disciplined.
Subedi also expressed gratitude to the Ministry of Finance, the Board of Directors, employees, the insurance sector, and all development partners for their support and coordination throughout the Authority’s long journey.
He expressed confidence that, through the collective efforts of all stakeholders, Nepal’s insurance sector can be developed into an internationally competitive, reliable, and sustainable industry in the years ahead.