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.
Insurance companies have paid Rs 62.22 billion in claims till Mid-April of the current fiscal year. In the same period of the previous fiscal year, insurance companies had paid claims worth Rs 59.92 billion. The claim payment amount of insurance companies increased by 3.46 percent in the review period compared to the previous year.
According to the data, life insurers have paid Rs 45.37 billion to the insured till Mid-April of the current fiscal year. This amount has been paid by the companies to 2,810 claims.
Till Mid-April of the previous fiscal year, life insurers had paid Rs 47.41 billion for 231,345 claims. Compared to the previous year, the number of claim payments of life insurers decreased by 13.20 percent and the amount by 4.30 percent in the review period.
According to nea data, life insurers are yet to pay Rs 4.43 billion for 52,687 claims till Mid-April of the current fiscal year. As of Mid-April last year, life insurers were yet to pay Rs 2.27 billion for 27,117 claims. Compared to the previous year, the number of pending claims and amount of life insurers increased by 94.30 percent and 94.58 percent respectively during the review period.
Similarly, according to the insurance report, the non-life insurers have paid rs 16.62 billion to the insured till Mid-April of the current fiscal year. This amount has been paid by the companies to 101,713 claims.
As of Mid-April of the previous fiscal year, non-life insurers had paid Rs 12.50 billion for 106,563 claims. During the review period, the number of non-life insurers’ claim payments decreased by 4.55 percent compared to the previous year, but the payment amount increased by 32.89 percent.
According to the NRA data, non-life insurers are yet to pay Rs 30.93 billion for 104,872 claims till Mid-April of the current fiscal year. As of Mid-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 1.72 percent and 49.82 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.
