Insurance companies have received claims worth 23.19 billion 3.6 million rupees. Of that, only 1.95 billion 4.7 million rupees have been paid, according to the Insurance Authority. This is only about 8.42 percent of the total claims received.
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Of the insurance claims worth 23.25 billion rupees for damage to physical structures caused by the protests on 23 and 24 Bhadra, only about 2 billion rupees have been paid. According to the data as of Asoj 28, insurance companies have received claims worth 23.19 billion rupees. Of that, only 1.95 billion rupees have been paid, according to the Insurance Authority. This is only about 8.42 percent of the total claims.
Of the claims paid till 28 Ashoja, the highest amount of Rs 1.55 billion 1.7 billion is under property insurance (household property). After property insurance, the most paid is motor insurance. Of which, Rs 362 million has been paid. Rs 381 million has been paid in contractor and engineering insurance and Rs 22 million in other insurance. No payment has been made so far among the claims made in transit insurance during this period. Insurance companies have stated that very few of the claims have been insured, especially since the assessment work has not been completed for major losses.
Insurance companies have also stated that a large amount has been paid for the payment. Especially, although it does not take time to pay for insurance of completely damaged vehicles and property, the companies say that the payment amount is not much because it takes time to receive the assessment (surveyor) report for major losses.
The Nepal Insurance Association has already stated that all small claims for damage to physical structures will be paid by Tihar. As of last Wednesday, 3,163 claims have been filed with insurance companies. Of these, more than 2,000 are small claims (less than Rs 20 million) and they are prepared to pay them by the upcoming Tihar, said Birendra Baidwar Chhetri, president of the Nepal Insurance Association. However, the number of small claims paid so far is not yet known.
The Federation of Nepalese Chambers of Commerce and Industry has initially estimated the damage to be worth around Rs 80 billion. “It seems that only 20/25 percent of that damage has been insured. If we exclude one/two large claims, only about 12/13 percent of it has been insured,” said Chhetri. He said that since government structures are not insured at all and many private structures are also far from the reach of insurance, the insurance claims were much lower than their estimates.
Insurance companies also say that the claims for damage caused during the protests are the highest so far. Previously, insurance claims of Rs 17 billion were filed for the 2072 BS earthquake and about Rs 13 billion for the floods in Asoj last year. In the latest demonstration, 73.92 percent of the insurance claims for damage to physical structures were found to be for motor insurance. So far, 3,163 claims worth a total of Rs 23.19 billion 3.6 billion have been filed with insurance companies for motor insurance. So far, 2,256 claims worth Rs 3.44 billion 9.5 billion have been filed for motor insurance alone.
When assessing the claims, it is seen that many vehicles were damaged during the demonstration. Stakeholders say that more vehicles were damaged than the insurance claims filed. In terms of amount, the highest number of claims has been filed for property insurance. Property insurance includes houses, apartments and other fixed assets. 673 insurance claims have been filed under this insurance. Rs 19.71 billion has been filed for this. This is slightly more than 81 percent of the total claims filed. When combined, vehicle and property insurance accounts for about 95 percent of the total insurance claims filed with companies.
When viewed regionally, it is seen that the highest number is in Bagmati. This is what the insurance claims data shows. According to this, only 54 percent or 1,706 claims have been filed in Bagmati.
In second place, 394 claims have been filed in Koshi. In third place, 362 claims have been filed in Madhesh. 256 in Lumbini, 213 in Gandaki, 204 in Sudurpaschim and 28 in Karnali, according to the Insurance Authority.
The Authority also has data that about 77 percent of the claims have been filed in Bagmati. According to the latest data, out of the 23.5 billion rupees claimed, the highest amount of 17.5 billion rupees is from Bagmati. This is 77 percent of the total claim amount. Thus, based on the aforementioned data for insurance claims, it can be analyzed that more than half of the losses in terms of number and about 80 percent in terms of amount have been filed in Bagmati.
Even now, the number of insurance claims for damage to physical structures during the protests is still continuing, and it is expected to increase further. Insurance companies estimate that claims worth about 25 billion rupees will be incurred.
