Kathmandu. The claim payment amount of life insurers has decreased while that of non-life insurers has increased. This has been seen according to the insurance reflection published by the Nepal Insurance Authority.
According to the insurance image, insurance companies have paid claims worth Rs 67.53 billion till April of the current fiscal year. In the same period of the previous fiscal year, insurance companies had paid claims worth Rs 64.45 billion. The claim payment amount of insurance companies increased by 4.78 percent in the review period compared to the previous year.
According to the data, life insurers have paid Rs 48.95 billion to the insured till April of the current fiscal year. This amount has been paid by the companies to 218,951 claims.
Till April last year, life insurers had paid Rs 50.66 billion for 248,995 claims. Compared to the previous year, the number of claim payments of life insurers decreased by 12.07 percent and the amount decreased by 3.38 percent in the review period.
According to nea data, life insurers are yet to pay Rs 4.45 billion for 53,481 claims till Mid-April of the current fiscal year. Till April last year, life insurers had to pay Rs 2.27 billion for 27,117 claims. Compared to the previous year, the number of claims and amount pending to be paid to life insurers increased by 97.22 percent and 95.42 percent respectively during the review period.
Similarly, according to the insurance image, non-life insurers have paid rs 18.57 billion to the insured till April of the current fiscal year. This amount has been paid by the companies to 113,937 claims.
Till April last year, non-life insurers had paid Rs 13.78 billion for 118,312 claims. During the review period, the number of non-life insurers’ claim payments decreased by 3.37 percent compared to the previous year, but the payment amount increased by 34.80 percent.
According to the NRA data, non-life insurers are yet to pay Rs 30.33 billion for 105,620 claims till Mid-April of the current fiscal year. As of April last year, non-life insurers were yet to pay Rs 20.64 billion for 103,097 claims. Compared to the previous year, the number and amount of claims pending for non-life insurers increased by 2.45 percent and 46.89 percent respectively during the review period.
Currently, there are 14 life insurance, three micro-life insurance, 14 non-life insurance and four micro-non-life insurance.
