Agricultural Insurance Claims Exceed Rs 230 Million in Gandaki Province

Kathmandu – The Nepal Insurance Authority in Gandaki Province disbursed over Rs 230 million in agricultural insurance claims during the fiscal year 2080/81. According to the authority, a total of Rs 232.9 million was paid to policyholders, reflecting the growing reliance on insurance in the agricultural sector.

During the period, 16,661 insurance policies were issued, generating Rs 215.8 million in premiums. Out of this, Rs 13.5 million was collected from 305 crop insurance policies, while Rs 211.3 million was generated from 16,357 livestock insurance policies.

Crop insurance claims accounted for Rs 17.4 million, paid out through 48 claims, while livestock insurance claims totaled Rs 215.5 million, settled through 4,287 claims. This significant payout underscores the critical role of insurance in mitigating risks for farmers in Gandaki Province.

Microinsurance also made notable contributions. The authority reported that Rs 13.5 million was collected from 6,080 micro life insurance policies, with Rs 435,000 disbursed through five claims. Similarly, Rs 212,000 was paid out from six claims against Rs 12.3 million collected from 5,777 microinsurance policies.

In life insurance, the authority collected Rs 15.893 billion in premiums from 533,851 policies, of which Rs 2.59 billion was paid through 11,999 claims. Meanwhile, non-life insurance saw Rs 2.18 billion in premiums collected from 296,798 policies, with Rs 936.3 million paid through 10,451 claims.