Kathmandu. President of Life Insurance Association Nepal and CEO of Citizen Life Insurance, Mr. Poshan Raj Poudel, said that the condition of insurance in a place like Kathmandu is pathetic.
Poudel was speaking at a programme organized on the occasion of the sixth anniversary of Nepal Insurance and Risk Management Association (NIRMA) in Kathmandu today. “There was more damage in this place than who did it some time ago. If we look at the immediate damage, there was a big movement here. The houses were damaged,” he said, adding, “The front page of the newspaper reported a loss of Rs 470 million, but only Rs 40 million had been insured.” Such is the situation of insurance in a center like Kathmandu. ’
Poudel said, “It is very good that the risk should be looked at further and the journal should be brought out so that the risk should be managed further.” Let your many years move forward like this, we wish you all the very best in this. We don’t have a culture of risk transfer. There is a big gap. ’
Poudel said that there is no culture to hand over the risk and consider that there is a risk. “We don’t see ourselves as to whether there is a risk,” he said, adding, “Everyone has to develop a culture of understanding the risks, creating awareness about the risks and transferring the risk.” ’
Poudel pointed out the need to transfer risk by insuring everyone engaged in this sector, whether it is property or human life or other things related to life. “Not only risk transfer but also management should be done well,” he said, adding, “Yes, we are also blessed to work with an assessment for this risk, which is the first institution in Nepal to manage this insurance risk.” ’
Even during the preparation of the budget, if the risk that may occur in the hydro sector comes tomorrow, how will it be managed and what is its comprehensive plan? Poudel said that the program of this production will be more relevant as it has been found to be discussed. “It is also good how to protect and better this sector through insurance,” he said, adding, “I wish the producer all the very best for this discussion.” ’
