Kathmandu, 12 Oct: During the Gen-Z movement, incidents of vandalism, arson, looting, and property damage across the country have resulted in insurance claim payments exceeding Rs 1.5 billion.
According to the Nepal Insurance Authority, claims amounting to Rs 1.58 billion have already been settled so far. Out of the total 3,099 claims registered, the total claim demand amounts to Rs 24.81 billion. After the settlements, 14 non-life insurance companies and 4 micro-insurance companies still have pending claims worth Rs 23.22 billion, according to the Authority.
To assess and monitor property insurance claims, insurance surveyors have been deployed, and so far, 52 survey reports have been received, informed Executive Director of the Authority, Sushil Dev Subedi.
Among all categories, the Authority reported that the highest payout has been made under property insurance. In terms of the number of claims, motor insurance tops the list. Out of 653 property insurance claims, Rs 1.32 billion has been paid so far, against a total claim amount of Rs 19.06 billion.
In the case of motor insurance, 2,206 claims were registered, and including advance payments, about Rs 249.1 million have been settled. The total motor insurance claim demand stood at around Rs 3.41 billion.
To evaluate and monitor vehicle-related damages, surveyors were deployed for 1,939 claims, and 314 survey reports have been submitted so far.
Similarly, under engineering and contractor’s risk insurance, claims amounting to Rs 380.3 million were filed, out of which Rs 8.7 million have been paid. Surveyors were assigned to 126 such claims, and five survey reports have been received so far.
In the transport insurance category, 12 claims were registered, totaling Rs 16.3 million. Surveyors were deployed for 11 of these claims to assess and monitor the damages, the Authority stated.
Under other insurance categories, 38 claims were filed, amounting to Rs 353.7 million. Of this, around Rs 550,000 have been settled so far. Surveyors have been assigned to 36 claims, and three survey reports have been received, according to non-life insurers.
The Insurance Authority stated that it is continuously monitoring the ongoing claim settlement process carried out by the insurance companies.
