Insurance Claims for Protest-Related Damages Reach Rs 23.22 Billion as Survey Process Reduces Initial Estimates

Kathmandu — The number of insurance claims for physical property damage caused during recent protests continues to rise. In contrast, the total claim amounts are being adjusted as surveyors assess the damages on the ground.

According to the Nepal Insurance Authority (NIA), as of Wednesday (Ashoj 22), the total insurance claim amount for physical and other damages reported by all non-life insurance companies stands at Rs 23.22 billion, 8.7 million. Earlier, the figure was recorded at Rs 23.39 billion. The authority noted that several new claims worth crores of rupees have been added to the total.

Insurance companies explained that the decrease in claim amounts is a natural part of the non-life insurance process. Initial claims are often revised after surveyors conduct on-site damage assessments, resulting in adjustments to the final payable amounts. “The claim amounts have started to decrease as surveyors reached the affected sites over the past week and began assessing the damages,” said a spokesperson from one of the insurance firms.

Data submitted to the NIA indicates that a total of 3,099 insurance claims have been filed across 14 non-life insurance companies and four micro non-life insurers. The cumulative claims now amount to approximately Rs 23.22 billion.

Of this amount, Rs 1.29 billion has already been disbursed, including advance payments, to cover damages caused during the protests, according to the NIA.

To expedite the process, non-life insurance companies have deployed 2,706 surveyors, and 374 damage survey reports have been submitted so far. The Insurance Authority has recently urged insurance firms to accelerate claim settlements to ensure timely support for affected policyholders.