Kathmandu. A three-day interaction programme organized by Nepal Insurance Authority (NEA) with consultant insurers on contemporary issues including actuarial evaluation, policy design and pricing concluded in Lalitpur on Friday.
On the occasion, Consultant Insurer of Nepal Insurance Authority Shubhramanyam Kolimarla made a presentation on actuarial evaluation, design and pricing of insurance policy, implementation of IFRS-17 and appointment of actuaries.
Consultant insurer Kolimarla opined that in order to increase the reach of insurance in Nepal, different age groups should be brought under the purview of insurance by diversifying the insurance policy, developing the latest insurance system, developing infrastructure with skilled manpower required for the insurance sector and emphasizing on increasing insurance awareness.
Responding to the questions raised in the program, consultant insurer Kolimarla pointed out the need to develop insurance policies accordingly, expand insurance education and streamline services ranging from insurance to claim payment, depending on the economic condition of the citizens to increase access to insurance.
On the first day of the program, a discussion was held between the consultant insurer and the employees of Nepal Insurance Authority based on the regulatory approach.
Similarly, on the second day of the program, there was an interaction between the consultant insurer and the heads of the product÷valuation department of the insurer from the insurer’s point of view.
On the last day of the program, nea’s Executive Director Sushil Dev Subedi and Director Pujan Dhungel Adhikari were present on the occasion.
On the occasion, Executive Director Sushil Dev Subedi said that the program was organized with the objective of seeking suggestions from the consulting actuarials on actuarial evaluation, risk-based capital, solvency, problems and expectations of the insurance market.
Nepal Insurance Authority (NEA) Director Pujan Dhungel Adhikari pointed out the need to move ahead in a more refined manner to achieve the common objective of developing and increasing access to the insurance market.
Employees of Nepal Insurance Authority, Chief Executive Officers of Life Insurance Company, Non-Life Insurance Company, Reinsurance Company, Small Life Insurance Company and Small Non-Life Insurance Company participated in the program.
