Kathmandu, Oct. 9
The Nepal Insurance Authority (NIA) has informed that
insurance claims for physical and other damages caused during the recent Gen Z
movement have exceeded Rs. 23 billion.
By Wednesday, October 8, the total claims reported to
all non-life insurance companies had reached approximately Rs. 23.22 billion.
According to data received by the Authority from
various insurers, this amount corresponds to a total of 3,099 claims filed with
14 non-life insurance companies and four micro non-life insurance companies.
Out of the total claimed amount, around Rs. 1.29
billion, including advance payments, had been paid by Wednesday.
Non-life insurance companies had mobilised 2,706
surveyors to prepare damage assessment reports as of Wednesday, and so far, 374
survey reports have been submitted, according to information received from the
insurers.
Earlier on Tuesday, the NIA had directed the insurers
to make prompt payments in line with the Claim Settlement Guidelines stressing
that the data insurers provide on claims and claim payments must be accurate.
Executive Director of the Authority, Sushil Dev Subedi, had also instructed
reinsurance companies to prioritise liquidity and immediately inject liquidity
into the market.
The non-life and micro non-life insurance companies
have been saying that they are capable of settling the claims arising from the
protests and there are no obstacles to making payments. Likewise, Nepal
Reinsurance Company also said that it is capable of settling the reinsurance
claims and is committed to disbursing the due amounts to insurers as soon as
the necessary procedures are completed.
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