Kathmandu, Dec. 23
Chairman of the
Nepal Insurance Board (NIB) Chiranjibi Chapagain has said that the reach of
insurance has reached 25 per cent population from 7 per cent four years ago.
"The reach
of insurance was about 7 per cent while I assumed the post of board's chairman.
The reach was increased to 27 per cent including the foreign employment term
insurance but the COVID-19 pandemic impacted its growth," he said while
welcoming the newly elected working committee members of the Nepalese
Association of Financial Journalists (NAFIJ) on Wednesday at his office in
Kupondole, Lalitpur.
According to
him, the board had put its efforts to get the Insurance Act ratified by the
parliament, but the process was slow, and it could only reach the Cabinet. The
Cabinet had once discussed about it and was about to send to the parliament.
However, the recent political manoeuvres had pushed the law-making process
uncertainty for a few months.
Chapagain's term
to the post will be over after a couple of weeks.
According to
him, he worked to enhance awareness about insurance and its reach. The NIB had
established a Rs. 50 million training centre in collaboration with the
insurance companies. Insurance sector employment has reached to 10,000 from
erstwhile 2,000 while number of insurance agents has quadrupled.
Speaking on the
board's media relations, he stated that dissemination of right information
would benefit both the media and the regulator.
Published in The Rising Nepal daily on 24 December 2020.
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