Around 70 Thousand Insured Received Insurance Claim Payment from Life Insurance Company

Kathmandu : Life insurance companies have paid claims to more than 70,000 insured in the first quarter of the current fiscal year 2023A.D (2080/81 B.S). According to the first quarter financial statements of the current year published by the companies, 14 life insurance companies have paid the said claim.

In three months of the current year, life insurance companies have paid insurance claims to 70,166 insured people. Compared to the same period of the last financial year, the claim payment of this year of the companies has increased by 16 percent as the number of claims paid during the same period last year was 60,480 people. Looking at the data of the first quarter, it seems that Nepal Life, National Life and LIC Nepal have emphasized to make the insurance claim year of the regulatory body Insurance Authority worthwhile.

The Insurance Authority has been saying that the payment of insurance claims should be easy and simplified in order to expand the access of insurance to the general public. The Chairman of the Authority, Surya Prasad Silwal said that the general public has reached the stage of not getting the insurance claim payment amount on time and they are reluctant to get insurance because of the procedural hassles.

He also has given directions to focus on this issue, saying that if the problem is not resolved, there will be no confidence in the insurance. Although the insurance companies are trying to advance the authority’s insurance claim year successfully, the insurance workers say that the problem is continuing due to unfulfilled claims of the old insurance that insured clients had not got yet due to procedural defect. Recently, the number of claim payments made by companies has increased due to the regulation of the insurance authority and the competition of the companies and public awareness.

Insureds also have a tendency to trust insurance companies only if they get their claims paid on time.During the review period, “Nepal Life” has paid claims to the most insured. As a result, Nepalese have found an environment where they trust the company easily. The company has paid insurance claims to 20 thousand 291 people during this period.In the three months of the current year, “National Life Insurance” is in the second place in terms of claim payments. During this period, the company has paid claims to 15 thousand 104 insured persons.

“LIC Nepal” has paid claims to 12 thousand 31 people, “Suryajyoti Life” has paid to 5 thousand 430 people, “Sanima Reliance Life” has paid to 5 thousand 200 people, “Met Life” has paid to 4 thousand 805 people and “the government-owned Rastriya Jeewan Beema Company” has paid to 3 thousand 311 people. Similarly, “Himalayan Life” has paid insurance claims to 1 thousand 226 people, “Citizen Life” has paid to 1 thousand 121 people, “Reliable Nepal Life” has paid to 621 people, “IME Life” has paid to 450 people, “Asian Life” has paid to 288 people, “Sun Nepal” has paid to 230 people and “Prabhu Mahalaxmi Life” has paid to 58 people.

Based on The Growth Rate: Insurance claim number of Sanima Reliance Life Insurance has increased by the highest number. The number of claims paid by the company has increased by 370.59 percent.

Similarly, IME Life has also the highest increase in insurance claim payments by 141 percent, Suryajyoti Life by 87.37 percent and Asian Life by 77 percent.

The financial statement shows that during the review period, the number of insurance claim payments of the government-owned Rastriya Jeewan Beema Company and Prabhu Mahalaxmi Life has decreased by the most percentage which is -36.68 and -36.96 percent respectively.