Kathmandu, 20 Sep: Due to the adverse situation created during the Gen Z movement on September 8 and 9 (Bhadra 23–24), insurance claims amounting to 20.70 billion rupees (NPR 20,70,38,14,482) have been filed for damages to physical infrastructures. Both government and private properties were affected during the protests.
According to the Nepal Insurance Authority, claims have been filed in 18 different non-life insurance companies.
Major Insurance Claims by Companies
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The Oriental Insurance Company: 40 claims worth NPR 5.14 billion
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Siddhartha Premier Insurance Company: 258 claims worth NPR 4.93 billion
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Shikhar Insurance Company: 366 claims worth NPR 2.39 billion
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IGI Prudential Insurance: 24 claims worth NPR 1.59 billion
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Sagarmatha Lumbini Insurance Company: 233 claims worth NPR 1.47 billion
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Himalayan Everest Insurance Company: 196 claims worth NPR 1.15 billion
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Neco Insurance: 40 claims worth NPR 1.09 billion
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Sanima GIC Insurance: 129 claims worth NPR 789.3 million
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Rastriya Beema Company: 172 claims worth NPR 495.1 million
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United Ajod Insurance Limited: 170 claims worth NPR 487.4 million
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Nepal Insurance Company: 79 claims worth NPR 469.4 million
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NLG Insurance Company: 151 claims worth NPR 385.8 million
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Prabhu Insurance: 69 claims worth NPR 191.8 million
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National Insurance Company: 19 claims worth NPR 68.2 million
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Protective Micro Insurance Company: 9 claims worth NPR 11.3 million
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Star Micro Insurance Company: 6 claims worth NPR 6.7 million
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Nepal Micro Insurance Company: 15 claims worth NPR 5.6 million
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Trust Micro Insurance: 8 claims worth NPR 4.2 million
In total, 1,984 claims have been filed so far.
Commitment to Timely Compensation
The Nepal Non-Life Insurance Association has expressed its commitment to swiftly conclude the compensation process for damages caused during the protests.
The association has urged all concerned stakeholders to submit accurate damage details of insured vehicles and properties to expedite the process.
Importance of Insurance in Crisis
In its statement, the association emphasized that the importance of insurance has significantly increased in the current context. It highlighted that insurance companies are moving forward with urgency to settle compensation claims while fulfilling their social responsibility.
The companies have assured that damage assessments will be carried out promptly and payments will be made based on verified reports.
Condolences and Appeal
In its press release, the association expressed deep sorrow over the loss of lives during the protests. It extended condolences to those who died and urged insurance companies to prioritize claim settlements during this difficult period.
Association president Rajendra Malla appealed to the insured to submit their damage reports and required documents quickly to facilitate an easier claims process. He added that insurance companies are working with the objective of concluding claims settlement as soon as possible.
Learning from Past Disasters
Drawing from the experiences of the 2015 Earthquake and the COVID-19 pandemic, Malla noted that the necessity and usefulness of insurance have become more evident. He stressed that the proactive role of insurance companies in the present situation appears both positive and hopeful.
