Only 9% of Citizen in Madhesh Province have Access in Insurance

Kathmandu :  Only 9% of citizen living in Madhesh Province have access in Insurance which is the smallest amount having huge amount of population. More than 2.5 million people are living in Madhesh Province which has covered 8 Districts of Nepal. But the amount of people having insurance is less in comparison to other province.

Chairman of Nepal Insurance Authority Surya Prasad Silwal has expressed his concern that the presence of insurance in Madhesh Province is not strong. In a program organized in Janakpur, he directed the insurance companies to work so that access to insurance in the public form will increase significantly.

He urged the heads and stakeholders of insurance companies’ provincial, branch and sub-branch offices to follow the insurance act, regulations, guidelines and instructions in a dignified manner in expanding access. Chairman Silwal has also informed the insurers of Madhesh Province that the authority will ask Insurance Institute Nepal to conduct training to improve the efficiency of insurance company employees.

He instructed the provincial, branch and sub-branch offices to coordinate with the central office to bring new insurance articles according to local needs and make sure to explain to everyone that banks and insurance are different. He also instructed not to do insurance business contrary to the principle of insurance and to do insurance after analyzing the proposal sufficiently so that there is no problem in payment of claims.

Rajuraman Paudel, Executive Director of the Insurance Authority, directed the insurance companies to act in order to increase public confidence in insurance and to do business on the basis of fair competition. Dinesh Kumar Lal, Director of the authority, said that the state, branch and sub-branch offices of the insurance company must maintain discipline and good governance and work flawlessly to avoid complaints.

In the program, questions were raised that training should be organized to increase the efficiency of insurance company employees, certain rights should be delegated by the central office, although some issues should be clarified in the property insurance guidelines recently issued by the authority, there should be no delay in paying the rest of the Corona insurance claims.