Kathmandu. Pokhara: A one-day seminar on contemporary issues of engineering insurance was held in Pokhara on Saturday. Gandaki State Office of Nepal Insurance Authority, Nepal Insurance Professional Society Pokhara Chapter, Nepal Insurance Surveyor Association Pokhara Chapter, Nepal Insurance and Risk Management Association jointly organized a one-day seminar on contemporary issues of engineering insurance.
A total of 90 employees of non-life insurance company working in Gandaki state participated in the programme. Chaired by Badrinath Poudel, President of Nepal Insurance Professional Society Pokhara Chapter, the program was conducted by Suresh Regmi, Executive Member of Nepal Insurance Professional Society.
Secretary of Nepal Insurance Professional Society Surya Bahadur KC delivered the welcome speech. Chief of Nepal Insurance Authority Gandaki Province Shambhu Prasad Mishra inaugurated the event.
There were four sessions in the seminar. The first session was related to the legal provisions related to insurance. NeA Gandaki Province Chief Shambhu Prasad Mishra highlighted all types of acts, regulations and guidelines related to insurance. Stating that there is no exemption from penalty due to lack of knowledge of the law, he said that it is the duty of all the employees working in insurance to take information about all the legal matters related to insurance.
Stating that institutional good governance has become a tricky issue today, he said it was the responsibility of both insurers and regulators to maintain good governance from the centre to the district.
Chairman of Nepal Insurance and Risk Management Association and Associate Professor of Pokhara University, Dr. Dipu Moni, was present in the second session titled Contemporary Issues of Insurance, Challenges and The Road Ahead. Rabindra Ghimire gave his performance.
Talking in detail about the contemporary issues of insurance, he highlighted the various problems being faced by the insurance industry and informed the participants about the way forward. He also presented various issues as contemporary issues of insurance.
Digital insurance
Social health insurance and social security systems
Climate change and disaster insurance
Agricultural insurance and rural financial inclusion
Risks associated with cyber insurance and information security
Innovative methods of reinsurance and risk transfer
Group insurance plans
Inclusive insurance
Artificial intelligence in insurance
Green insurance
Access and inclusion of insurance
Exclusion of social insurance schemes rejected by private sector
Insurance fraud
Transparency and reliability in premium determination
Disputes related to claim rejection
Weaknesses in insurance regulation and supervision
Lack of insurance literacy
Challenges to financial sustainability
Lack of reinsurance of disaster risk
Dr. Rabindra Ghimire made a presentation on the conflict of interest between insurance companies and brokers.
In the third session, Susil Bajracharya, former CEO of Himalayan General Insurance, insurance expert and currently Nepal Representative of UIB Reinsurance Broker UK gave information related to underwriting in engineering insurance. Stating that engineering insurance is necessary for the contractor to carry out any construction-related work, he highlighted the main aspects of underwriting, risk assessment, underwriting determination and premium determination conditions and exclusions, document checking.
In the fourth session, surveyor, engineer and insurance expert Buddhi Raj Adhikari gave information on risk to recovery. He highlighted the types of projects, types of engineer insurance, risk-bearing and non-risk issues, problems of engineer insurance in the context of Munich and Nepal.
At the end of the seminar, feedback about the training was taken from the participants and certificates were distributed to the participants.
