Chairman Ojha Directs Reinsurance Companies to Submit Clear Action Plan for Insurance Market Growth

Chairman of the Nepal Insurance Authority, Sharad Ojha, has directed reinsurance companies to support the expansion of Nepal’s insurance market by submitting a clear and structured action plan.

Addressing a discussion and interaction program on reinsurance organized by the Authority on Thursday in Kathmandu, Chairman Ojha emphasized the need to formulate short, medium, and long-term plans based on international best practices and present them to the Authority.

“The existing ambiguities in the reinsurance sector must be gradually resolved. Reinsurance companies need to become competitive. We are working to bring policy stability and are in the process of preparing an integrated directive,” said Ojha. He also stressed that the Authority will take a stricter approach in enforcing the Insurance Act, rules, and regulations, and that insurance companies must balance premium collection and claim settlements, noting frequent complaints regarding delayed claim payments.

Ojha further stated that the Authority is ready to work responsibly and sincerely with the government, insurers, micro-insurers, reinsurers, and all other stakeholders to mature and advance the insurance sector.

Sushil Dev Subedi, Executive Director of the Insurance Authority, reiterated the Authority's commitment to resolving problems in the sector and promoting insurance.

Welcoming the participants, Director Shambhu Raj Lamichhane mentioned that the event was organized to gather suggestions and discuss overall issues related to reinsurance.

The program featured presentations from Ram Koju, Deputy Director at the Authority, Surendra Thapa, CEO of Nepal Reinsurance Company, Upasana Paudel, CEO of Himalayan Reinsurance Company, and Birendra Baidawar, President of the Nepal Insurers’ Association. Each spoke on legal frameworks, market challenges, and potential solutions.

The event saw active participation from the Authority’s officials, CEOs of insurance, microinsurance, and reinsurance companies, heads of reinsurance departments, and reinsurance brokers.