Insurance Companies Begin Paying Over NPR 2 Billion in Claims for Gen-Z Movement Damages

The insurance payout process for damages caused during the Gen-Z Movement has officially begun. According to the latest data released by the Insurance Board, non-life insurance companies have collectively paid over NPR 2 billion, including advance payments, to settle claims related to property and other losses incurred during the protests.

As per the reports submitted by 14 non-life insurance companies and 4 micro-insurance firms, a total of 3,166 insurance claims worth approximately NPR 23.20 billion have been registered. Out of this total, claims amounting to around NPR 2.02 billion have already been paid to the insured, including advance payments.

To assess and verify these claims, 2,791 cases have been assigned to insurance surveyors, and so far, 654 survey reports have been submitted.
Additionally, the Nepal Reinsurance Company has received 2,733 reinsurance claims worth NPR 15.76 billion from non-life insurers. Out of this, the company has already made advance (interim) payments amounting to NPR 1.63 billion to the concerned insurance companies. The reinsurer has also deployed joint insurance surveyors to evaluate and monitor 60 reinsurance claims.

This marks the beginning of a systematic process to compensate individuals and institutions affected during the Gen-Z Movement through coordinated efforts between insurers, reinsurers, and surveyors.