Rasuwa Flood Victims to Get Up to 50% Advance Insurance Payments

Kathmandu — The government has decided to provide advance insurance claim payments to policyholders affected by the Rasuwa floods based on preliminary damage assessments. The provision was introduced through the ‘Rasuwa Flood Recovery Package’ unveiled by the Ministry of Finance on Thursday.

According to the ministry, surveyors will be deployed through a simplified procedure to make the assessment of flood-related insurance claims faster and more effective.

Under the new arrangement, insurers will provide advance claim payments of up to 50 percent to policyholders filing claims for flood-related losses, based on preliminary assessment reports.

The ministry said reinsurers will also provide advance claim payments of up to 50 percent to insurers.

To make the claim settlement process simpler, more convenient and effective for flood-affected policyholders, insurers will be required to promptly formulate and implement simplified claim settlement procedures.

The government expects the measure to enable policyholders affected by the Rasuwa floods to receive financial relief based on preliminary damage assessments before the full claim assessment and settlement process is completed.