Insurers to sell new Wildlife Risk Insurance from Friday

Kathmandu, July 15

Nepali insurance industry is selling Wildlife Risk Insurance Policy from July 17, first day of the new Fiscal Year 2026/27.

The Nepal Insurance Authority (NIA) informed on Wednesday that it has approved a Wildlife Risk Insurance Policy following repeated requests from provincial governments, local governments, the Department of National Parks and Wildlife Conservation (DNPWC), representatives of buffer zone user committees and forest user groups, wildlife experts, and residents of wildlife-affected areas to establish insurance coverage against losses caused by wild animals.

"Integrating wildlife-related risks into the insurance system will provide a more effective mechanism for managing such risks," the NIA said in a statement.

Non-life insurance companies and micro non-life insurance companies licensed by the NIA will be authorised to issue the newly announced policy which will be bought at Rs. 1,500. This policy is said to cover personal accident or death with maximum Rs. 1 million, and permanent and temporary disability with maximum Rs. 1 million and Rs. 500,000, respectively.

Likewise, maximum sum insured includes up to Rs. 100,000 for medical treatment of serious injury, and up to Rs. 20,000 for minor injury.

Other coverages include up to Rs. 500,000 for house and physical structures, Rs. 100,000 for livestock, and up to Rs. 50,000 agricultural crops.

Currently, the government compensates the wild-life related damages. It distributes more than Rs. 150 million in relief payments every year to compensate people affected by wildlife-related damage in buffer zones of national parks and reserves as well as in other affected areas. According to the DNPWC, the damage includes loss of human life, injury, destruction of physical property, agricultural crops, and livestock.

Over the past five years, the government has provided about Rs. 780 million in relief payments to victims of wildlife-related incidents.

The new policy will have one year's coverage period and cover risks arising from attacks by 18 species of animals – elephant, one-horned rhino, tiger, bear, leopard, jackal, deer, wolf, wild dog, wild boar, arna (wild water buffalo), crocodile, gaur (Indian bison), python, nilgai (blue bull), monkey, porcupine and blackbuck.

According to the NIA, the coverage for livestock will be limited to animals reared for agricultural purposes, and agricultural crops cultivated by the insured during the policy period will be covered up to the insured amount.

In case of any addition, disposal or transfer of ownership of an insured house, physical structure or livestock, the insured can notify the insurer, and the insurer will transfer the policy to the new owner free of charge.

"The policy will cover damage caused by wildlife attacks to residential houses, whether constructed of concrete, mud, thatch, tin or earth, as well as related structures within the residential premises, including cattle sheds, kitchens, toilets and boundary walls, up to the maximum insured amount," read the statement.

However, the insured must preserve evidence of the loss and may remove damaged property from the site only after the preparation of an official assessment report.

In case of a death of the insured or a member of the insured's family due to a wildlife-related accident, the insurer must pay Rs. 50,000 within seven days of the incident towards funeral and last rites expenses, subject to the policy limit, informed the NIA.

But the insurer will deduct 5 per cent from all other claim payments before settlement other than for claims relating to human death.

The NIA directed the insurers that upon receiving information or notification of a claim, they must initiate the claims process immediately. 

Published in The Rising Nepal daily on 16 July 2026.         

NIA for protecting policyholders’ interest

Kathmandu, May 16

Chairperson of the Nepal Insurance Authority (NIA) Chandrakala Paudel said that policy reforms related to insurance, along with the protection of policyholders’ interests, timely settlement of claims, and the delivery of quality services, should be prioritised to promote development and to expand the reach of insurance.

Speaking at the 58^th anniversary of the NIA held in Lalitpur on Friday, she said that in the days ahead, the Authority would move forward sustainably by addressing shortcomings at the policy level while prioritising the protection of policyholders’ interests.

Institutional strengthening of insurers, risk-based supervision, the promotion of good governance, and digital transformation will also be the priority.

Paudel further noted that policy and institutional cooperation with policyholders, insurers and other concerned agencies and organisations had played a significant role in the development of the insurance sector.

“The NIA will move ahead in a new manner based on suggestions from all stakeholders,” she said.

Executive Director of the NIA, Sushil Dev Subedi, said that the insurance sector regulator remained committed to making the insurance sector more inclusive, digital, risk-aware and a partner in economic development.

According to him, the Authority had made regulation and inspection more effective to strengthen governance and discipline within the insurance sector. Subedi also said that the NIA had made significant progress this year in the areas of internal governance, institutional strengthening and capacity enhancement.

Published in The Rising Nepal daily on 17 May 2026.

SALICO launches index-based milk insurance scheme

Kathmandu, Mar. 25

Sagarmatha Lumbini Insurance Company (SALICO) Limited has launched an index-based milk production insurance policy to protect farmers from potential losses in milk yield of cows and buffaloes caused by rising temperatures.

The new insurance product is launched in technical collaboration with PlantSat, a technology-based Nepali digital insurance company.

The company said in a statement that the policy will be calculated based on daily maximum temperatures recorded over a 150-day period, from the fourth week of April to mid-September this year.

The insurance is based on heat stress caused by temperature increases and specifically covers reductions in milk production.

CEO Chanki Chhetri said the scheme targets cattle farmers, groups and cooperatives in Kanchanpur, Kailali, Bardiya, Banke, Dang, Kapilvastu and Chitwan districts. The policy is structured around predefined temperature thresholds.

So far, a total of 1,627 cows and buffaloes owned by farmers affiliated with various cooperatives and groups have been enrolled in the scheme. The policy has been approved by the Nepal Insurance Authority (NIA) and reinsured through Nepal Reinsurance Company (Nepal Re).

Suman Ghimire, founder and CEO of PlantSat, said compensation will be provided only when actual temperatures exceed the predefined threshold based on recorded data.

The policy uses an index-based trigger system to determine eligibility for claims, enabling a transparent and faster claims process, according to agriculture department head Umesh Dhakal.

Official temperature data from the Department of Hydrology and Meteorology Nepal will be used. Once the trigger level is reached, the insurer will initiate the claims process. Claims department head of the company Subhash Dixit said payments will be made electronically directly into the beneficiaries’ bank accounts within seven days of receiving the index data from the relevant authority.

Published in The Rising Nepal daily on 26 April 2026.         

Sun Nepal provides support to Balaju Police

Kathmandu, Feb. 19

Sun Nepal Life Insurance has supported the construction of the Balaju Police Complex by providing essential construction materials.

The company provided construction materials worth Rs. 1 million to the Balaju Police Office in the presence of the company’s CEO Raj Kumar Aryal, Chief Marketing Officer Ganesh Chaulagai, Chief Risk Officer Roshan Gyawali, and Head of Internal Control Roshan Paudel. The event was also attended by Chairperson of the Balaju Police Unit Reconstruction Committee Shiva Bhakta Ranjit, Treasurer Bed Prasad Paudel, and Deputy Superintendent of Police Yagya Lal Banjade.

The company stated in a statement on Thursday that it extended the support recognising the importance of strengthening the physical infrastructure of institutions directly connected with public safety, such as police facilities.

Company representatives noted that social security is reinforced not only through financial protection but also through institutional strengthening.

The Balaju Police Office expressed confidence that such support from the insurance sector would help make service delivery more effective. He added that cooperation between the community and the private sector would have a long-term positive impact.

Sun Nepal currently operates 148 branches and sub-branches across the country.

 Published in The Rising Nepal daily on 20 February 2026.     

Sun Nepal provides support to Balaju Police

Kathmandu, Feb. 19

Sun Nepal Life Insurance has supported the construction of the Balaju Police Complex by providing essential construction materials.

The company provided construction materials worth Rs. 1 million to the Balaju Police Office in the presence of the company’s CEO Raj Kumar Aryal, Chief Marketing Officer Ganesh Chaulagai, Chief Risk Officer Roshan Gyawali, and Head of Internal Control Roshan Paudel.

The event was also attended by Chairperson of the Balaju Police Unit Reconstruction Committee Shiva Bhakta Ranjit, Treasurer Bed Prasad Paudel, and Deputy Superintendent of Police Yagya Lal Banjade.

The company stated in a statement on Thursday that it extended the support recognising the importance of strengthening physical infrastructure of institutions directly connected with public safety, such as police facilities.

Company representatives noted that social security is reinforced not only through financial protection but also through institutional strengthening.

The Balaju Police Office expressed confidence that such support from the insurance sector would help make service delivery more effective. He added that cooperation between the community and the private sector would have a long-term positive impact.

Sun Nepal currently operates 148 branches and sub-branches across the country.

Published in The Rising Nepal daily on 20 February 2026.     

Paudel assumes her responsibilities at NIA

 Kathmandu, Jan. 27

Chairperson of the Nepal Insurance Authority (NIA), Chandrakala Paudel, assumed her responsibilities at the Authority on Tuesday

Earlier on the same day, Finance Minister Rameshore Prasad Khanal administered the oath of office and secrecy to her.

A Cabinet meeting on Monday had decided to assign the responsibilities of the Chairperson of the insurance sector regulator to Paudel, Secretary of the Ministry of Federal Affairs and General Administration, until further arrangements are made.

She was welcomed at the NIA by the Executive Director, Sushil Dev Suvedi, along with the directors and staff members.

Published in The Rising Nepal daily on 28 January 2026. 

NAFIJ members insured for accidental insurance

Kathmandu, Jan. 14

Nepal Association of Financial Journalists (NAFIJ) has arranged accident insurance coverage for its 274 members. The association has provided group personal accident insurance for its members, advisers and staff members who were registered as of its most recent Annual General Meeting.

Last year, in January, NAFIJ had insured 235 of its members under a group accident insurance scheme in collaboration with Sagarmatha Lumbini Insurance and Siddhartha Premier Insurance. This year, the policy has been renewed and extended to cover 274 individuals, including new members who joined the association in September last year.

The insurance policy came into effect from Wednesday, January 14.

The total sum insured amounts to Rs. 191.8 million, with accident insurance coverage of Rs. 700,000 per individual.

President of NAFIJ Menuka Karki said that various movements and protests over the past year have further highlighted the importance of insurance for journalists. "There are all kinds of risks in the field, and journalists carry out their duties despite those risks. Keeping this in mind, we have renewed the accident insurance for our members,” she said.

Under the policy, insured members will be entitled to medical treatment expenses in case of injury due to any cause.

The policy also provides coverage for death caused by accidents, management of mortal remains and funeral rites, cremation expenses, permanent total disability, permanent partial disability and temporary total disability.

Published in The Rising Nepal daily on 15 January 2026. 

IGI launches health, trekker insurance products

Kathmandu, Jan. 8

IGI Prudential Insurance Limited has unveiled new insurance products at its 28^th Annual General Meeting (AGM), held in Kathmandu on Thursday.

The company introduced a new health insurance product, aiming to provide cashless services to individuals and families. This service will be available at most hospitals across Nepal and in India, as part of the company's extensive network. The product aims to make healthcare more accessible, offering easy and reliable coverage for medical treatments, it informed in a statement.

Likewise, it launched a new insurance plan specifically designed for foreign trekkers and mountaineers visiting Nepal. In collaboration with global travel insurance provider, the product will offer cashless services for accidents and altitude sickness-related medical emergencies. According to the company, this initiative is targeted at promoting safe trekking and mountaineering experiences in Nepal, known for its popular mountain ranges and trekking routes.

Chairman of IGI Hemraj Dhakal emphasised the importance of insurance in safeguarding individuals' lives, property, businesses, and liabilities against various risks, both natural and man-made. He reassured shareholders of the company’s commitment to maintaining transparency and protecting the interests of policyholders.

The AGM also approved a proposal to distribute a 5 per cent cash dividend from the company’s paid-up capital to its shareholders.

CEO of the company, Yugesh Bhakta Bade Shrestha informed that the company has a strong presence with 90 branches across all seven provinces, serving customers with 531 employees, 430 agents, and 192 surveyors.

The company has a paid-up capital of Rs. 3.2 billion and remains the largest life insurance company in Nepal.

In the fiscal year 2024/25, the company saw a 3.63 per cent increase in its total insurance premiums, which rose to Rs. 3.86 billion from 41.17 billion in 2023/24.

The company also paid out claims worth Rs. 2.46 billion for over 18,500 claims and contributed Rs. 798.7 million in taxes to the government.

Published in The Rising Nepal daily on 9 January 2026. 

NIA directs insurance companies for payments

Kathmandu, Jan. 7

The Nepal Insurance Authority (NIA) has directed all insurance companies to ensure that all types of payments are made mandatorily through electronic systems from January 15, Thursday.

The NIA issued instructions on Tuesday to life insurance companies, non-life insurance companies, microinsurance companies, reinsurance companies and insurance brokers to make arrangements so that, from January 15 onwards, all payments are compulsorily made through electronic systems directly into the bank accounts of the concerned individuals or institutions.

The directive has been issued in line with the Anti-Money Laundering Directive, 2082, which requires insurers to ensure that claim payments under insurance policies are deposited into the bank accounts of the rightful beneficiaries in accordance with policy terms or prevailing laws.

It also follows the government provision mandating that all payments made by public bodies be conducted digitally through the banking system.

Previously, the NIA had instructed insurance companies to ensure that remuneration or wages paid to permanent, temporary and any other category of employees and workers are mandatorily disbursed through banks or financial institutions into the respective employees’ or workers’ bank accounts.

Published in The Rising Nepal daily on 8 January 2026. 

Rs. 5.48 billion insurance amount paid for losses incurred during Gen Z movement

Kathmandu, Jan. 1

The non-life insurance companies have paid around Rs. 5.48 billion so far to the insured parties, including advance payments, out of a total of 3,316 insurance claims related to physical and other losses incurred during the recent Gen Z movement.

The total claimed amount is about Rs. 23.47 billion.

According to the updated data submitted by 14 non-life and four micro non-life insurance companies to the Nepal Insurance Authority (NIA), the total amount paid by insurers, under property insurance, is Rs. 3.93 billion. It is out of 712 claims with a total claimed amount of approximately Rs. 19.05 billion.

Under motor insurance, out of 2,321 claims with a total claimed amount of approximately Rs. 3.46 billion, around Rs. 1.39 billion has been paid.

Similarly, 226 claims were made under engineering and contractors’ all-risk insurance. In this category, while total claimed amount was Rs. 553.9 million, only Rs. 83.6 million has been paid. Under transit insurance, out of 12 claims with a total claimed amount of approximately Rs. 16.9 million, around Rs. 15.5 million has been paid.

Meanwhile, Rs. 3.02 billion in reinsurance claims has been paid to insurers, including advance payments, the NIA informed in a statement on Thursday.

"For the settlement of insurance claims related to physical and other losses incurred during the Gen Z movement, Nepal Reinsurance Company has paid reinsurance claims to non-life insurance companies amounting to Rs. 3.02 billion, including advance payments," it said.

According to updated data received from the company, a total of 2,863 reinsurance claims have been submitted to it by 14 non-life insurance companies, with a total reinsurance claim amount of Rs. 16.62 billion.

Published in The Rising Nepal daily on 2 January 2026. 

Insurers settle payments of Rs. 4.38 billion

Kathmandu, Dec. 10

In connection with the physical and other damages caused during the recent Gen-Z movement, non-life insurance companies have so far paid out approximately Rs. 4.384 billion including advance payments out of the total claimed amount of around Rs. 23.44 billion from 3,300 insurance claims.

According to updated data submitted to the Nepal Insurance Authority (NIA) by 14 non-life insurance companies and four micro non-life insurance companies, of the total amount paid, including advances, property insurance accounts for Rs. 3.122 billion paid against claims worth around Rs. 19.01 billion from 710 claims.

Likewise, in the motor insurance category, around Rs. 1.09 billion has been paid against claims worth approximately Rs. 3.48 billion from 2,308 claims, the NIA informed in a statement on Tuesday.

Similarly, in engineering and contractor’s risk insurance, Rs. 68.1 million has been paid against claims worth around Rs. 555.5 million from 225 claims.

In transport insurance, Rs. 6.6 million has been paid against claims worth around Rs. 16.9 million from 12 claims. Under other insurance categories, Rs. 4.9 million has been paid against claims worth around Rs. 384 million from 45 claims.

To support the settlement of claims arising from the damages caused during the Gen Z movement, Nepal Reinsurance Company has provided reinsurance claim payments of around Rs. 2.56 billion to non-life insurance companies.

Updated statistics from Nepal Reinsurance Company show that the total claimed amount from 2,861 reinsurance claims filed by 14 different non-life insurance companies stands at approximately Rs. 15.81 billion.

Meanwhile, non-life insurance companies have begun settling claims arising from the continuous rainfall, floods and landslides that affected the country early October this year.

The NIA informed that insurers have received a total of 781 preliminary insurance claims amounting to approximately Rs. 4.04 billion. Of these, 67 claims worth around Rs. 18.8 million have been paid to policyholders so far.

Updated figures submitted by 13 non-life insurance companies and two micro non-life insurers show that property insurance has seen the highest number of claims. Out of 410 property-related claims amounting to approximately Rs. 3.45 billion, insurers have settled 20 claims worth around Rs 8.3 million.

Insurers have stated that assessments and verification of damages are ongoing, and more claim settlements are expected in the coming days as field reports continue to arrive.

Published in The Rising Nepal daily on 11 December 2025.

Salico to hold Golf Tournament

Kathmandu, Nov. 27

Sagarmatha Lumbini Insurance Company (Salico) has announced that it will organise the Salico Golf Tournament 2025 on 28-29 November at the Royal Nepal Golf Club at the Tribhuvan International Airport in Kathmandu, as it has done in previous years.

The tournament will feature 17 different events across various age groups for both male and female participants. The main aim of the competition is to provide a platform for golfers to showcase their skills and to offer an opportunity for those interested in the sport to engage in the game, the company informed in a statement.

Although golf is one of the most popular sports worldwide, its development and growth in Nepal have been slower than expected. The organisers hope that this competition will contribute to the further expansion of the sport in the country.

Among the 17 events, the Hole-in-One category will feature a prize sponsored by Sipradi Trading Pvt. Ltd., which will offer a TATA Nexon K3 EV. Other prizes for different events include Sky Diving experiences for two participants sponsored by Simrik Air, and a Gosaikunda helicopter trip for one winner, sponsored by Kailash Helicopter.

The organisers also emphasised the importance of life insurance, noting that increasing awareness of the need for insurance to cover various risks is essential in today’s context. The company aims to raise awareness about the role of life insurance among participants in sports events such as golf, where risk management is an important consideration.

Published in The Rising Nepal daily on 28 November 2025.

NIA, Nabil sign accord on API integration

Kathmandu, Nov. 12

The Nepal Insurance Authority (NIA) and Nabil Bank Limited signed an agreement on Tuesday for API integration to automate the earmark system.

API (Application Programming Interface) integration is the process of connecting different software systems or applications so they can communicate, share data, and perform functions automatically without manual input.

The agreement was signed by Executive Director of the NIA, Sushil Dev Subedi, and Chief Marketing Officer of Nabil Bank, Niraj Sharma, on Tuesday, informed the Authority in a statement.

According to Subedi, the agreement will make a significant contribution towards fully automating the earmark system in the insurance sector. He added that this initiative will help make the investment process of insurers faster, more efficient, and error-free, thereby enhancing the effectiveness and transparency of insurance regulation and supervision.

Under the API integration, the management of earmarked investments made by insurers in fixed deposits will be made easier, safer, and more reliable through the use of technology.

The new system will automatically authenticate block and unblock requests sent from the NIA to the bank, approving only those requests with accurate details. In case of incorrect information, the system will automatically return the request to the insurer through the earmark platform.

For this integration, a special middleware has been developed by Nabil Bank, which provides direct access to the bank’s core banking system for fixed deposit details received from insurers via the Authority.

The system will automatically implement a process that accepts only correct information and rejects erroneous entries.

“This agreement marks another significant step in the NIA's journey towards digital transformation and technology-friendly regulation. It is expected to make a notable contribution to improving efficiency, transparency, and timely service delivery in the insurance sector,” read the statement.

Published in The Rising Nepal daily on 13 November 2025.         

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.         

NLIC and NLG donate to Reconstruction Fund

Kathmandu, Nov. 4

National Life Insurance Company Limited has donated Rs. 10 million to the Physical Infrastructure Reconstruction Fund established by the Government of Nepal.

Company’s Chief Executive Officer, Suresh Prasad Khatri, handed over a cheque bearing the amount to Minister of Finance Rameshore Prasad Khanal at the Ministry of Finance on Tuesday.

Likewise, NLG Insurance Company Limited donated Rs. 2.5 million to the fund.

Company's CEO, Sunil Ballabh Pant, handed over a cheque of the said amount to the finance minister.

With the inclusion of these contributions, the total amount collected in the Fund has reached Rs. 75.16 million. 

  Published in The Rising Nepal daily on 5 November 2025.     

Insurance claims for disaster damage reach Rs. 3.26 billion

Kathmandu, Oct. 17

The total insurance claims for physical and other damages caused by continuous rainfall, flooding, and landslides up until October 4 in the country have amounted to approximately Rs. 3.26 billion.

According to the life insurance companies, a total of 704 insurance claims have been received from 13 non-life insurance companies and 2 small non-life insurance companies, with an estimated claim amount of Rs. 3.26 billion, the Nepal Insurance Authority (NIA) informed in a statement on Friday.

The highest number of claims – 364 – has been recorded in property insurance, followed by agricultural and crop insurance with 209 claims. A total of Rs. 2.7 billion worth of claims have been made under property insurance alone.

Additionally, 87 claims have been made under engineering and contractor risks, and 33 claims have been received for private motor insurance.

Nine claims have been received for public motor insurance, and two claims have been made under other types of insurance, as reported by the authorities.

Meanwhile, a total of 3,166 insurance claims, related to physical and other damages during the Gen Z protests, have been made with 14 non-life insurance companies and 4 small non-life insurance companies, amounting to approximately Rs. 23.2 billion in claim amounts. According to the non-life insurance companies, the total claims amount received so far, including advance payments, is Rs. 2.01 billion.

In the non-life sector, for the evaluation and monitoring of claims related to physical and other damages during the movement, a total of 2,791 claims have been surveyed, and surveyors have submitted reports for 654 of them.

Likewise, Nepal Reinsurance Company received a total of 2,733 reinsurance claims from non-life insurance companies, amounting to approximately Rs. 15.76 billion. The reinsurance company has provided advance payments of about Rs. 1.63 billion to the non-life insurance companies.

Additionally, the reinsurance company has dispatched joint insurance surveyors for the evaluation and monitoring of 60 claims.

  Published in The Rising Nepal daily on 16 October 2025.     

Insurance companies compensating for damages

Kathmandu, Oct. 10

Of the total insurance claims of approximately Rs. 23.23 billion for physical and other damages during the recent Gen Z protests in the country, 653 claims have been filed under property insurance, with a total claim amount of around Rs. 19.06 billion.

As of now, insurance companies have paid out about Rs. 1.32 billion, including advance payments, for property insurance claims, the Nepal Insurance Authority (NIA) informed on Friday.

For the evaluation and monitoring of property insurance claims, insurance surveyors have been deployed for 598 claims, with 52 survey reports received to date.

In the case of motor insurance, 2,206 claims have been filed, amounting to approximately Rs. 3.41 billion. Insurance companies have paid out around Rs. 249.1 million in claims, including advance payments.

To assess and monitor damages to vehicles, surveyors have been assigned to 1,939 claims, with 314 survey reports received so far.

Likewise, the NIA said in a statement that for engineering and contractor risk insurance, 190 claims have been filed, with a total claim amount of around Rs. 38.3 million. Insurance companies have paid out approximately Rs. 8.7 million, including advance payments, under this category.

Surveyors have been deployed for 126 claims related to engineering and contractor damages, with five survey reports received to date.

In transportation insurance, 12 claims have been filed, amounting to approximately Rs. 16.3 million. Insurance surveyors have been assigned to 11 claims for evaluation and monitoring of transportation damages.

For other insurance categories, 38 claims have been filed, with a total claim amount of around Rs. 35.37 million. To date, around Rs. 550,000 has been paid out in claims under these categories. Insurance surveyors have been assigned to 36 claims, with three survey reports received so far.

Similarly, a total of 3,099 claims have been filed across 14 life insurance companies and four small life insurance companies.

Insurance companies have paid out around Rs. 1.58 billion, including advance payments, from the total claim amount received.

For the evaluation and monitoring of claims related to physical and other damages during the protests, surveyors have been assigned to 2,710 claims, with 374 survey reports submitted to date.

The NIA said that it is prioritising the protection of policyholders' interests and has been directing insurance companies to make the insurance claim process for physical and other damages during the recent protests efficient, transparent, and effective.

  Published in The Rising Nepal daily on 11 October 2025.    

Insurance claims for damage during protests exceeds Rs. 23 billion

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.

  Published in The Rising Nepal daily on 10 October 2025.    

Sharma assumes office at NIA

Kathmandu, Sept. 26

Janak Raj Sharma, the newly appointed Chairman of the Nepal Insurance Authority (NIA), assumed office at the Authority on Friday. Earlier, on the same day, he was administered the oath of office by Finance Minister Rameshore Prasad Khanal. He was appointed to the post by the government on Thursday through a cabinet decision.

Sharma is currently serving under the Ministry of Finance.

Upon assuming his duties at the NIA, he emphasised the need to enhance the quality and reliability of insurance services in the current challenging situation and to ensure that insurance claims are settled swiftly and effectively.

"In line with the spirit of the recent youth movement and the policies and programmes adopted by the government in response to the changing environment, it is crucial to improve the overall quality of insurance services, thereby increasing public trust in insurance,” Sharma said.

Insurance companies must operate in accordance with the prevailing laws, and the Authority must strengthen its regulatory role, he added.

According to him, insurance companies must simplify the claims process and ensure timely claim settlements. If this is achieved, public trust in insurance will grow, and the scope of insurance will expand. As the scope of insurance increases, costs will also reduce.

Sharma directed the NIA staff to perform their duties with integrity, ensuring high-quality and prompt execution of tasks.

 Published in The Rising Nepal daily on 27 September 2025.    

Insurers unable to meet big insurance claims, seek support from reinsurers

Kathmandu, Sept. 14

Non-life insurance companies have expressed their inability to immediately settle large insurance claims arising from physical and other damages caused during the recent protests.

According to the insurers, they can promptly pay out small claims, but in the case of larger claims, reinsurers will need to provide advance payments in order to facilitate liquidity management.

At a discussion organised by the Nepal Insurance Authority (NIA) on Sunday regarding the impact of physical and other damages on the insurance sector during the protests, chief executive officers of non-life and reinsurance companies have said that they will not be in a position to settle the large claims immediately.

While the damage assessment work is underway, the damage to the property and business is estimated at hundreds of billions of rupees. Tourism sector alone has witnessed a loss of about Rs. 25 billion, according to the industry experts.

Hundreds of government structures including federal and provincial ministries, parliaments, local bodies and ward offices, houses of leaders, hotels, cable cars, business complexes and supermarkets were vandalised and torched. Hundreds of government-owned and private vehicles were vandalised and torched.

There are 14 non-life insurance and two reinsurance companies and 1,249 surveyors in Nepal.

According to a statement of the NIA, the CEOs said survey reports could not be obtained in cases where physical property was completely destroyed during the protests due to exceptional circumstances.

Since ward offices and police stations have also been damaged, it has become difficult to obtain official recommendations, so the insurers have demanded that claim settlements be arranged on the basis of minimal documentation.

Similarly, CEOs of reinsurance companies stressed that data must be reliable when insurers make reinsurance proposals. They assured their readiness to provide necessary support in matter of claim settlements.

Meanwhile, the authority is introducing simplified procedures for claim settlements in cases of losses caused by non-natural disasters. It has therefore requested CEOs of insurers and reinsurers to provide feedback and suggestions within three days.

Sushil Dev Subedi, Executive Director of the NIA, directed insurers to ensure that the public remains confident that insurance claims are payable once insurance is purchased. He instructed the companies to appoint focal persons for data collection and to facilitate claim settlements, and to make this information publicly available.

He further instructed insurers to promptly inform policyholders if they become aware of damages to insured property or assets, and to take initiatives to advance the claim settlement process accordingly.

In another discussion, the Insurance Surveyors’ Association called for arrangements to submit survey reports on the basis of minimal documentation, taking into account the current difficult situation, and demanded that surveyors be given easy access to damaged sites.

They also stressed that survey work should be allocated proportionately and that surveyors should be made more accountable.

In response, Executive Director Subedi clarified that surveyors can continue to work effectively even under current circumstances based on the licences they have obtained.

 Published in The Rising Nepal daily on 15 September 2025.