Kathmandu. Only about 28 percent of the insurance claims for damage to private property during the agitation and violent incidents in August last year have been paid. Even after the completion of one year of the incident, the government-owned reinsurer Nepal Reinsurance Company (Nepal Re) has settled only 27.97 percent of the claims.
According to the company, as of September 14, compensation of Rs 6.56 billion has been paid. In a statement, the company claimed that it has been continuously pursuing the claim payment process with high priority under the reinsurance obligation for claims related to damage to the insured property.
According to the company, this amount has been paid on the basis of paper evidence and damage assessment received from the insurers. As the claim payment process is continuing, updated details will be made public from time to time.
During the Genji agitation on September 23 and 24 last year, property worth Rs 84 billion was damaged. However, since all the damaged properties were not insured, the domestic insurer had claimed compensation of only Rs 23.45 billion for the insured property.
The dispute related to the compensation of Rs 6 billion of Hilton Hotel in Naxal is currently pending in the court. Surendra Thapa, Chief Executive Officer of Nepal Rika, has been suspended in this dispute.
Nepal Relay has been managing the entire burden of insurance for the risk of riots and terrorism in Nepal. For this, the bridge has also been operated under the management of Nepal Relay and Terrorism. The insurance premium collected from the insurer is deposited in this bridge, Nepal Relay is managed and paid from the fund of this bridge at the time of compensation claim.
Pujan Dhungel Adhikari, spokesperson of the Insurance Authority, said that there is continuous coordination between the non-life and life insurers regarding the payment of the insurance claim for the damage caused in the riots of August last year. “After getting the insurance, all the insured should get the claim payment on time,” she said, “The authority has taken interest in this matter. They are also making every effort to pay the claim to the insured. Maybe all the insured will get the payment soon.” ’
