Kathmandu. Even after 2 years of Nepal’s license to micro-insurance companies, the question remains: Has this policy significantly expanded insurance access? <\/p>\n
According to the statistics of the Nepal Insurance Authority, the insurance penetration in Nepal is 47.95 percent of the total population of the country. Even now, on the basis of these statistics, it is clear that more than half of the country’s insurance coverage is uncovered. <\/p>\n
Micro insurance companies are now dominating the number of non-life insurance policies. However, the report does not provide comparative data to show whether the expansion of overall national insurance has accelerated since the issuance of separate licenses to microinsurers in 2023. <\/p>\n
From 2014 onwards, microinsurance has emerged as a separate entity under traditional insurance companies. After that, the Insurance Act, 2079 gave a different identity to microinsurance companies under the Insurance Sector Authority structure of Nepal. <\/p>\n
There is no comparison between the increase in pre-license and post-licensing access to 7 micro insurers in the domestic market. The report is silent on the issues of increasing penetration in insurance at the district-level, increasing access to security among first-time insured people, and measuring the security gap. <\/p>\n
Some analysts argue that with the entry of microinsurers, the domestic insurance market may be experiencing a redistribution rather than service expansion. Because insurance companies are still competing with similar customer bases, there is absolutely no interest in identifying new market opportunities and expanding services. <\/p>\n
The Insurance Authority’s Second Strategic Plan (2023-2027) has emphasized on innovation and inclusion. However, experts have suggested that the regulator should establish measurable impact indicators to establish the legitimacy of micro insurers.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Even after 2 years of Nepal’s license to micro-insurance companies, the question remains: Has this policy significantly expanded insurance access? According to the statistics of the Nepal Insurance Authority, the insurance penetration in Nepal is 47.95 percent of the total population of the country. Even now, on the basis of these statistics, it is […]<\/p>\n","protected":false},"author":5,"featured_media":233924,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45149,45159],"tags":[],"class_list":["post-289383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-laghu-beema-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/289383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=289383"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/289383\/revisions"}],"predecessor-version":[{"id":289384,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/289383\/revisions\/289384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/233924"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=289383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=289383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=289383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}