Nepal Reinsurance Begins Processing Claims with Hannover Re for Gen Z Losses

Kathmandu – Nepal Reinsurance Company, a government-invested reinsurance firm, has commenced the claim settlement process in collaboration with Germany-based Hannover Re following the extensive arson and vandalism during the Gen Z protest on Bhadra 23 and 24.

According to Nepal Reinsurance, 65 percent of the risks assumed by Nepali insurance companies under riots and terrorism coverage were reinsured internationally, with Hannover Re leading the process. Approximately 40 percent of the risk was retroceded directly to Hannover Re, while the remainder was distributed among other global reinsurance companies.

Officials have confirmed that advance payments to insurance companies facing liquidity issues have already been initiated.

During the Gen Z protest, insurance claims totaling around NPR 20 billion have been filed. Nepal Reinsurance is expected to handle claims worth between NPR 6 and 9 billion, which will be settled using funds transferred from Hannover Re. The company emphasized that the claim settlement process has already begun and is progressing smoothly.

A spokesperson from Nepal Reinsurance highlighted that the company has sufficient cash reserves to facilitate advance payments. “The quicker insured individuals submit the required documents to insurance companies, the faster their claims can be processed,” the official added, urging insured parties to remain proactive to expedite settlements.