Kathmandu. Chairman of Nepal Insurance Authority Sharad Ojha has stressed the need for insurance security to attract and protect investment in hydropower sector.
He was speaking at a programme organized on the occasion of the sixth anniversary of Nepal Insurance and Risk Management Association (NIRMA) in Kathmandu today. He also said that it would be difficult to attract investment in the absence of insurance backup in hydropower.
Chairman Ojha said that it would be easier if the problems related to hydropower insurance were discussed in the question of the participation of the insurer’s friends. “Hydropower development is the priority of the state,” he said, adding, “The state has set priority to increase the number of hydropower projects.” ’
Chairman Ojha said that all sides are aware that it will be difficult to attract investment in the absence of insurance backup. “Insurance protection is necessary to attract and secure investment,” he said, adding, “There will be reinsurance for the protection of insurance, retro protection for reinsurance.” ’
Stating that he had spoken to the reinsurers of different countries, Chairman Ojha said that discussions were also held on the issue of hydropower insurance. “Their interest was in retro and backing. They were curious as to why it could not happen,” he said, adding, “We all know why it could not happen.” We need a solution. How can we create a mechanism for insurance? The path should be decided in such a way that no one is hurt. ’
Ojha said that he hoped that some more studies and research suggestions would come under the leadership of Nirma to solve the problems seen in hydropower insurance. “I am confident that if any issue comes up during the discussion today, it will guide us,” he said.
Ojha said that in the recent past, there have been complaints that there is no level of ease in insuring hydropower. “Ippan’s friends came to us. They had raised the issue officially,” he said, adding, “There are people who are technically knowledgeable about insurance in this organization.” We are also discussing how to manage it. ’
Chairman Ojha thanked nirma for publishing a general on the issue of making the insurance sector more systematic. “Let it continue in the coming days as well,” he said, adding that the organization should have a role in increasing insurance coverage and awareness. ’
