Kathmandu. Current fiscal year 2082. As of August 1983, more than Rs 11.5 billion has been paid by life and non-life insurance companies.
According to the Insurance Reflection published by the Nepal Insurance Authority, 14 life insurance, three micro life insurance companies, 14 non-life insurance companies and four micro life insurance companies have paid a total of Rs 11.52 billion in claims in the first two months of the current fiscal year. A total of Rs 9.40 billion was paid by the insurers till mid-August of the previous year. The claim payment amount has increased by 22.48 percent in the review period compared to the previous year.
According to the data of the NRA, the claim payment amount of both life and non-life insurers has increased in the review period as compared to the previous year. Life insurers have paid claims of Rs 8.26 billion to the insured during the review period. This amount has been paid by the companies for 43,363 claims.
In the previous year, life insurers had paid Rs 6.93 billion for 36,416 claims. Compared to the previous year, the number of claim payments of life insurers increased by 20.32 percent and the amount by 19.18 percent.
According to the data of the NEA, life insurers are yet to pay Rs 4.75 billion for 56,597 claims till mid-August of the current fiscal year. As of mid-August last year, life insurers had yet to pay Rs 3.17 billion for 45,029 claims. In the review year, the number of claims and amount due to life insurers increased by 25.69 percent and 49.81 percent respectively.
Similarly, the non-life insurers have paid Rs 3.25 billion claims to the insured till mid-August of the current fiscal year. This amount has been paid by the companies for 22,382 claims.
In the last fiscal year, the non-life insurers had paid Rs 2.46 billion for 20,941 claims. The number of claim payments of non-life insurers decreased by 6.88 percent in the review period as compared to mid-September of the previous year, while the payment amount increased by 31.75 percent.
As per the data of the NEA, the non-life insurers are yet to pay Rs 40.95 billion for 105,499 claims till the review period. As of August last year, the non-life insurers had yet to pay Rs 23.19 billion for 1,969 claims. The number of claims and amount due to non-life insurers during the review period increased by 4.49 percent and 76.59 percent respectively as compared to the previous year.
In the last 2 years, there has been a huge loss of material in course of floods, landslides, agitations and demonstrations. This is the reason why the claim amount to be paid by the non-life insurer is high.
