Nepal | June 04, 2020

Insurers settle 92.13pc of quake-related claims

Himalayan News Service
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Number of claims            17,658

Claim amount    Rs 18.40 billion

Ineligible for claim settlement 4,910

Amount not eligible        Rs 440 million

Number of claims settled            16,294

Amount of claims settled             Rs 10.86 billion

Remaining claims            1,364

Remaining claim amount              Rs 7.1 billion

Kathmandu, April 23

Non-life insurance companies have settled around 92.13 per cent of earthquake-related claims within a year of the devastating earthquake of last year. Insurers have settled 16,294 claims out of the 17,658 earthquake related claims as of April 21, said Insurance Board — the insurance sector regulator.

Till Thursday, a total of 16 operational non-life insurers had settled 16,294 claims — or 92.13 per cent — worth Rs 10.86 billion. According to the Insurance Board, a total of 4,910 claims were not eligible for settlement.

Altogether, 17,658 claims worth Rs 18.40 billion had been filed with various insurers. The Insurance Board has said that the 4,910 claims worth around Rs 440 million that were found to be non-eligible have also been listed as settled.

“Now the insurers have to settle 1,364 claims worth Rs 7.1 billion,” informed Shreeman Karki, director of the Insurance Board. Claim settlement of apartments and hydroelectric projects are yet to be settled due to delay in surveyors’ report, which can hike the settlement amount. In terms of claim amount, only 60.47 per cent of the claims were settled.

As of April 21, the highest number of claims was settled by Prudential Insurance, followed by Neco Insurance and Himalayan General Insurance.

Non-life insurers have claimed that delay in the report of surveyors is hindering earthquake related claim settlement even a year after the devastating earthquake. Due to lack of licensed surveyors in the country, survey works have be en delayed. There are around 400 licensed surveyors in the country.

Of the total eligible 12,775 claims worth Rs 17.96 billion, a majority of the amount was borne by reinsurance companies abroad, according to Insurance Board officials.

 


A version of this article appears in print on April 24, 2016 of The Himalayan Times.


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