About 1,000 claims so far, this number is expected to increase, insurance companies insure their own reinsurance companies.
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Insurance claims for damage to physical structures have started coming in during the demonstrations held on August 23 and 24. According to the Nepal Insurance Association, claim payments worth about 25 billion rupees have been received by Monday.
It is said that claims started coming in from last Tuesday and Wednesday and by Monday, claims worth about 25 billion rupees have been received in all non-life insurance companies. The chief executive officer of an insurance company said, "There is a lot of money in the initial claims, so not all of them are actually paid," said the chief executive officer of an insurance company. During the discussion, the insurance authority has asked the companies for their opinion within three days regarding what kind of policy arrangements should be made for quick payment. The time given by the authority is till Tuesday. Sushiledev Subedi, executive director of the Nepal Insurance Authority, said that based on the opinions and suggestions received by Tuesday, guidelines will be issued along with policy arrangements.
The insurance association has requested the insured to claim the insurance quickly and the insurance company to pay quickly. "All the insured and customers are requested to contact the relevant insurance company to inform them of the damage caused due to the uncomfortable situation," said the association's statement.
Many offices have been completely damaged in arson and vandalism. Some are partial. There is concern everywhere that insurance companies will be able to pay all the claims due to multiple losses at once. Keeping this interest in mind, the insurance association requests that the insurance claims, payment process, refunds etc. issues be resolved quickly and easily.
Looking at the state of damage, it seems that there will be many insurance claims. But many government structures are not insured. It is estimated that there may be many claims due to the insurance of private and other sectors. In case of vehicle, if the third party has insured, he will not get payment.
Now, to get insurance, the vehicle must be fully insured. In case of house, office and property, insurance is available. In our country, the practice of insuring all properties is very low. Therefore, not all damages will result in an insurance claim. Insurance is available based on the amount of insurance and the amount of damage.
insurance companies have reinsurance companies for their insurance. Even if the insurance company pays the insured, he gets the payment from the reinsurance company. Reinsurance companies also have insurance with other reinsurance companies. Insurance is also a risk transfer business. Therefore, insurance companies claim that the insurance company can pay no matter how many claims are paid.
The insurance authority has issued instructions on Thursday and has instructed the insurance companies to settle the claims quickly and send the data of the claims to them. "Considering the damage and discomfort caused to the property of the insured due to the uncomfortable situation that has arisen since August 23, it is requested according to the instructions to settle the claim as quickly and easily as possible," the instructions issued by the authority state.
