Insurance Board Holds Discussion with Non-Life and Reinsurance Companies to Expedite Claim Settlements

Kathmandu — The Nepal Insurance Authority (NIA) held a meeting today with the Chief Executive Officers of non-life insurance companies, micro non-life insurance companies, and reinsurance companies to discuss the current status of insurance claims and payments related to damages caused during the recent protests and unrest across the country.

During the meeting, the Authority’s Executive Director Sushil Dev Subedi emphasized that the damages caused during the recent protests are eligible for insurance compensation, and it is the responsibility of the insurers to make prompt claim payments. He directed companies to follow the official claim settlement guidelines and ensure that payments are made as quickly as possible.

Executive Director Subedi stated,

“Insurance companies must begin settlements based on the preliminary survey reports. Policyholders should tangibly feel that they are receiving compensation. Insurers must publicly share information about claim settlements, while reinsurers should also provide advance funds to insurers in a timely manner.”

He further stressed that all claim and payment data submitted to the Authority must be accurate and transparent, warning that any company providing misleading information would face regulatory action. Subedi also instructed reinsurance companies to prioritize liquidity management and ensure immediate liquidity flow into the market to support claim settlements.

During the discussion, the CEOs of non-life and micro non-life insurers stated that they are fully capable of handling claim payments and that there are no major obstacles in settling the claims. They reported that smaller claims have already been paid, while larger claims will require active financial cooperation from reinsurance companies to ensure smooth liquidity flow.

The companies also mentioned that surveyors have already been deployed in the field to assess the extent of damage, and the submission of survey reports is ongoing.

The CEO of Nepal Reinsurance Company Limited assured that the company is financially capable of meeting all reinsurance obligations and committed to releasing reinsurance payments to insurers as soon as the necessary procedures are completed.

The meeting was attended by NIA Directors Pujan Dhungel Adhikari, Dhruba Timilsina, Shambhuraj Lamichhane, and Nirmal Adhikari, along with the CEOs of non-life, micro non-life, and reinsurance companies from across the country.

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