Nepal Insurance Sector to Expand Inclusivity Following International Conference: Chairman Silwal

Kathmandu, Chairman of Nepal Insurance Authority Surya Prasad Silwal expressed optimism that the International Inclusive Insurance Conference will provide a roadmap for making insurance more inclusive across Nepal. Speaking at a press conference organized as the part of the conference today, Chairman Silwal highlighted that the conference aims to explore how the insurance sector in Nepal can expand its coverage to ensure lower income people is included.

Chairman Silwal highlighted that reviewing the progress of micro-insurance and its alignment with government-set objectives remains a priority. Additionally, there will be a focus on ensuring that large insurance companies adhere to the government’s mandate on providing micro-insurance.

He also pointed out that insurance plays a critical role in disaster risk management, especially in a country like Nepal, which is vulnerable to natural disasters such as earthquakes, flooding and landslides. By encouraging mandatory insurance, the government aims to reduce its financial burden while providing necessary coverage for the population.

Participants at the conference also delve into topics such as climate risk insurance, the adoption of digital technology in micro-insurance, and strategies to overcome obstacles in implementing inclusive insurance practices. Experts and regulatory bodies from various countries are contributing to the discussions, sharing their experiences and best practices.

The ongoing International Inclusive Insurance Conference, which runs until October 25, is focusing on refining inclusive insurance strategies for low-income, at-risk families, and micro, small, and medium enterprises (MSMEs). Key discussions include climate risk insurance, the adoption of digital technology in micro-insurance, and strategies to overcome obstacles in expanding inclusive insurance.

More than 500 participants, including regulators, development partners, NGOs, and insurance experts from various countries, are attending the conference. Sessions will cover vital topics such as climate change, disaster risk finance management, and the role of digital innovation in broadening access to insurance.

The conference is expected to play a significant role in advancing inclusive insurance in Nepal, particularly in addressing the financial risks faced by economically disadvantaged communities and small enterprises, further strengthening the country’s insurance sector.