NIA to establish Insurance Information Centre

Kathmandu, Nov. 11

The Nepal Insurance Authority (NIA) is making preparations to establish Insurance Information Centre (IIC).

Chairman of the NIA Janak Raj Sharma, said that as the insurance sector continues to expand significantly, there is a growing need for a centralised system to integrate scattered insurance-related data and identify and control fraudulent activities.

Speaking at an interaction on the establishment and operation of the Centre, he said that the establishment of the IIC would benefit insurers, policyholders, and all stakeholders. He added that the Authority would soon move forward with the legal process to establish the centre, incorporating suggestions from all concerned to ensure a safer and more reliable insurance sector, the NIA informed in a statement.

He also urged insurance companies to provide practical feedback on the structure, modality, and operational dimensions of the proposed centre.

The discussion was organised by the NIA on Tuesday was attended by Chief Executive Officers of insurance companies, micro-insurance companies, and reinsurance companies regarding the establishment and operation of the Insurance Information Centre.

Presenting a preliminary draft for the establishment and management of the IIC, Former Chief Secretary Dr. Baikuntha Aryal, highlighted the necessity of such a centre to provide accurate data, information, and analysis related to the insurance sector.

Similarly, President of the Nepal Insurers’ Association, Birendra Baidwar, and President of the Nepal Life Insurers’ Association, Pravin Raman Parajuli, expressed their commitment to providing full support for the establishment of the centre.

 

Insurance Claim Payments
Meanwhile, in relation to damages caused during the recent Gen-Z movement, around Rs. 3.68 billion, including advance payments, has already been paid to the insured.

Non-life insurance companies have received total insurance claims amounting to approximately Rs. 23.46 billion.

According to the latest data from the Authority, out of the total claim payments made by non-life insurers, property insurance accounted for 693 claims worth approximately Rs. 19.04 billion, of which around Rs. 2.93 billion has been paid. Likewise, motor insurance covered 2,290 claims worth about Rs. 3.47 billion, with Rs. 686.1 million paid.

Similarly, under engineering and contract risk insurance, 209 claims worth Rs. 547.5 million were filed, of which Rs. 62.3 million has been paid. Under transport insurance, 12 claims worth Rs. 16.8 million were filed, with Rs. 4.7 million paid, and under other insurance categories, 42 claims worth Rs. 393 million were filed, of which around Rs. 2.3 million (including advance payments) have been settled.

Published in The Rising Nepal daily on 12 November 2025.