Kathmandu. Nepal Insurance Authority (NEA) has organized a discussion with non-life insurance companies, reinsurance companies and construction entrepreneurs regarding the problems and challenges related to engineering insurance at the AUTHORITY’s central office, Kupandol today.
The program has been organized with the objective of consulting the builders and insurers to solve the problems and challenges seen under engineering insurance.
Addressing the program, Executive Director of Nepal Insurance Authority Sushil Dev Subedi said that a conclusion would be reached after holding discussions with the concerned government agencies, insurance companies and contractors to solve the problems seen under engineering insurance.
Executive Director Subedi said that although about 90 percent of the insurance policies are in Nepali language, there are problems due to lack of proper reading of the insurance policy.
Nirmal Adhikari, director of Nepal Insurance Authority, said that the number of such contracts regarding the renewal of the insurance policy of the extended contracts will be clarified after ascertaining the number of such contracts.
Director Adhikari said that the insurance policy should be according to the needs of the insured, the services and facilities of the policy should be clear and there should be uniformity in the understanding of insurance.
Federation of Contractors’ Association of Nepal (FCAN) President Rabi Singh expressed the view that everyone should be made safe after insurance, there should be no situation of getting claim payment due to pressure and influence, wrong things should not be encouraged while issuing insurance policies and insurance should not be made credible rather than mandatory.
Birendra Baidwar, president of Nepal Insurance Association, said that the insurance should be announced properly, the insurance sellers and takers should understand the provisions of insurance in the same sense and there would be no problem in renewing the insurance policies of the expired contracts if the domestic reinsurance company protects them.
The builders who participated in the program expressed their views that the insurance companies should pay a certain percentage of the loss after the insurance surveyor submits the report, give clear information about all the provisions of the insurance policy while insuring, work in such a way that the confidence in insurance should be increased, the provisions of the insurance policy should be made in Nepali language in a simple way and arrangements should be made to inform the insured online about the renewal of the policy, the stage of claim payment and the claim payment through online. were picked up.
Similarly, the CEOs of non-life insurance companies opined that everyone should understand insurance as a necessity rather than as a compulsion, insurance should be done only after reading the provisions of the policy, the provisions of the insurance are being added on the basis of international practice and needs and there is not much problem in the insurance rate.
Office-bearers of Nepal Insurance Association, CHIEF Executive Officers of Non-Life Insurance Companies and Reinsurance Companies, office-bearers of Federation of Contractors’ Association of Nepal and builders were present on the occasion.
