“We could not make underwriting better, the trend of only looking at money is repeating” – Chairman Surya Prasad Silwal

Kathmandu :  Chairman of Nepal Insurance Authority Surya Prasad Silwal has complained to the insurance companies that underwriting has not been improved in the Nepali insurance sector.  In the program organized in Kathmandu on 17th of November, 2023 A.D, Chairman Silwal said that the trend of insurance companies wanting to bring in money only has increased and ignoring underwriting is repeating. So, he warned those companies if they continue like this then the government will be forced to use the law and punish them. Speaking in Kathmandu, Chairman , Surya Prasad Silwal highlighted the growing trend in the insurance sector and said, ” In present situation insurance company are not giving more focus and importance on the underwriting i.e. What is the source of that person? Does that person have the ability to pay the insurance premium or not? Has the document of that person been submitted or not? ” . He also said that these companies are giving more priority on money, if the money has come or premium is paid then their work is finished which is absolutely wrong practice which is repeated today also.

“The commitment was made in the budget, the market was getting better, but the same thing is repeated again and again, if it keeps on happening then the authority has no choice but to take action,” Chairman Silwal warned the insurance companies. Silwal has warned that the authority, which has the responsibility and duty to punish the wrong approaches and action being taken, and also said that he will do it.

Chairman Silwal has called on the insurance companies to spread awareness about insurance, spread the word about insurance, strengthen the underwriting process, pay claims on time, and prepare insurance policies based on studies and research.