Life and Non-Life Insurance Claim Payments Total Over Rs. 62 Billion in Q3

Kathmandu — Life and non-life insurance companies in Nepal have collectively disbursed over Rs. 62 billion in claims during the third quarter of the current fiscal year, according to the latest report from the Nepal Insurance Authority.

The Authority’s monthly statistical bulletin, Insurance Reflection, reveals that life insurance companies settled claims worth Rs. 45.37 billion across 281,010 policies. This includes payments for death benefits, policy maturities, accidents, health treatments, and other covered events.

Compared to the same period last fiscal year, when life insurers had paid Rs. 47.41 billion for 231,345 claims, this marks a 4.3% decline in payout value. Officials attribute the drop to fewer high-value claims and a lower volume of matured policies.

Despite significant payouts, life insurers still have pending claims worth Rs. 4.43 billion, with 52,687 applications currently under review.

Meanwhile, non-life insurance companies have shown a notable increase in total claims paid. During the third quarter, they disbursed Rs. 16.62 billion across 11,713 cases. This is a sharp rise from the Rs. 12.50 billion paid in 16,630 cases during the same period last fiscal year.

Interestingly, while the number of non-life claims has decreased, the total payout has risen. The surge is largely attributed to flood-related damages in September last year, which triggered several high-value claims.

However, non-life insurers are yet to settle claims worth Rs. 30.93 billion, with 104,872 applications currently pending. Insurers say these claims are undergoing verification and will be processed as per policy terms.