Nepal | January 26, 2021

Non-life insurance companies receive flood-related claims worth Rs 2.13bn

Himalayan News Service
Share Now:

Kathmandu, Sept 14

Fifteen non-life insurance companies of the country have received 607 claims worth Rs 2.13 billion from people affected by the floods and landslides of last month.

According to the Insurance Board (IB) — the insurance sector regulator — non-life firms have received 291 fire insurance claims.

Likewise, 112 claims have been registered for motor insurance, 98 claims on engineering insurance of ongoing projects, 37 claims on engineering insurance of completed projects and three others have been filed for marine insurance.

Insurance companies have received 26 claims under crop insurance and 40 cases under livestock insurance.

It has to be noted, however, that the Ministry of Agricultural Development has estimated floods and landslides swept away crops worth over Rs eight billion during this monsoon.

Likewise, 69,617 livestock — including goats, buffaloes, chickens and pigs — that amounted to around Rs 25 million, have been killed across the country, as per preliminary estimates.

The claim amount is only one-fourth of the total estimated loss incurred in the Tarai belt due to the floods and landslides.

“The low claim amount shows that the insurance uptake in the country is still very low,” said Raju Raman Paudel, director of IB, adding the board will introduce awareness programmes in Tarai areas soon.

Out of the total 17 firms, besides Rastriya Beema Company and Prabhu Insurance Company, all the 15 firms have received claims.

According to the Insurance Board, the total claim amount received by each non-life firm ranges between Rs 2.26 million and Rs 568.4 million.

Himalayan General Insurance Company has received claims of only Rs 2.26 million whereas Nepal Insurance Company will have to shell out Rs 568.4 million to their clients.

According to Vijaya Bahadur Shah, chief executive officer of NLG Insurance Company, non-life firms have started to settle the claims, which were registered after latest floods and landslides.

“Companies have started to pay their clients as per the report of surveyors,” he informed.

Shah also said that in cases of big claims, companies have started to make the settlements in advance.

“Big agricultural areas are still not covered by insurance, the government should focus its programmes to bring them inside the insurance bracket,” he opined.

The Insurance Board has also directed the insurance firms to give top priority to settle the claims related to natural calamities.

“We have told them to focus on the claims registered by the marginalised people,” said Paudel.


A version of this article appears in print on September 15, 2017 of The Himalayan Times.


Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

Estonia to get first female PM as government deal clinched

TALLINN: Estonia’s two biggest political parties clinched a deal on Sunday to form a new government to be led by a female prime minister for the first time in the Baltic country’s history, replacing the previous Cabinet that collapsed into a corruption scandal earlier this month. The party co Read More...

Center-right incumbent wins Portugal's presidential election

LISBON: Portugal’s president was returned to office for a second term with a resounding victory Sunday in an election held amid a devastating COVID-19 surge that has made the European country the worst in the world for cases and deaths. Marcelo Rebelo de Sousa, who had been widely expected to w Read More...

White House begins talks with lawmakers on COVID-19 relief

WASHINGTON: Top aides to President Joe Biden on Sunday began talks with a group of moderate Senate Republicans and Democrats on a $1.9 trillion coronavirus relief package as Biden faces increasing headwinds in his effort to win bipartisan backing for the initial legislative effort of his presidency. Read More...

Need a lift? SpaceX launches record spacecraft in cosmic rideshare program

A veteran rocket from billionaire entrepreneur Elon Musk’s SpaceX aerospace company launched 143 spacecraft into space on Sunday, a new record for the most spaceships deployed on a single mission, according to the company. The Falcon 9 rocket lifted off at 10 a.m. EST from the Space Launch Comple Read More...

Dharan: A city built with people’s participation

DHARAN, JANUARY 24 Dharan, in the east of Nepal, is rich in cultural diversity. In addition to being regarded a modern city, it is also a place that developed with people’s participation. The settlement here began with deforestation in 1894. It was gradually expanded by the Rana prime minist Read More...

‘House of Representatives dissolved through inauthentic recommendation’

DHANGADI, JANUARY 24 Nepal Communist Party (NCP) Dahal-Nepal faction’s standing committee member Bhim Bahadur Rawal today said that Prime Minister KP Oli’s recommendation for dissolving the House of Representatives was not authentic. Speaking at a press meet organised in Dhangadi today Read More...

Four made public with stolen NT equipment

RAJBIRAJ, JANUARY 24 Police today made public four persons arrested for their alleged involvement in stealing electronic equipment and batteries from the Nepal Telecom tower in Saptari. Organising a press meet on the premises of Sapatri District Police Office, police made the arrested people p Read More...

Sample collection for filariasis begins

DHANKUTA, JANUARY 24 Sample collection for filariasis has started in Dhankuta. Dhankuta Public Health Office said it had administered medicine against filariasis eight times last year. Dhankuta DPHO had administered the medicine against filariasis for up to six times to all people living in Read More...