Insurance claims worth Rs 23.5 billion have been received for damage to physical structures during the protests on Bhadra 23 and the demonstrations on Bhadra 24, of which Rs 4.5 billion have been paid. According to the data as of Mangsir 17, insurance companies have received claims worth Rs 23.44 billion.

Of that, only Rs 4.3847 billion has been paid till last week, according to the Insurance Authority. 

The Authority has clarified that this amount includes advance payments. The payment amount is only about 18.70 percent of the total claims. Till last week, 3,300 claims have been filed with insurance companies. The regulatory body, the Insurance Authority, has stated that the claim payments made by insurance companies are satisfactory.

Insurance Authority Executive Director Sushildev Subedi said that insurance payments are being made at the same pace in other countries with socio-economic conditions like Nepal. ‘There should be an initial assessment for payment. Those who have been assessed have been paid,’ he said, ‘The claims that are in the assessment process will be paid after the process is completed.’

Earlier, insurance companies had claimed that they would pay all the small claims by Tihar. But now, more than ever, due to the insurance companies, the payments have not been made as expected, said Birendra Baidwar Chhetri, Chairman of the Insurance Association. According to him, the insurance company has no shortage of funds for payment. Nepal Reinsurance Company has also paid the amount for reinsurance. But he said that the evaluation of some claims has not been completed and some have not even received the minimum required documents. 

‘Although it is said that more payments will be made for small claims including motor insurance, the damaged vehicle’s engine must be cut off for evaluation and verified by the transport. Due to some delays in that process, many motor insurance claims could not be paid,’ said Chhetri.

Of the claims paid till last week, the highest amount of Rs 3.21 billion 8.9 billion is under property insurance (household property). Property insurance includes houses, apartments and other fixed assets. In this insurance, 19.88 billion has been claimed in 710 claims. After property insurance, motor insurance has received the most payments. Of which, Rs 1.86 billion has been paid.

Payments of Rs 68.1 million have been made in contractor and engineering insurance, Rs 66 million in transit insurance, and Rs 49 million in other insurance. Insurance companies have stated that only a small number of claims have been paid due to the fact that the assessment and procedural work has not been completed, especially for major damages.

Insurance companies say that a large amount of the payments have been made for the payment of insurance premiums. According to them, although it does not take time to pay for insurance of completely damaged vehicles and properties, the companies say that the payment amount is not much because it takes time to receive the assessment (surveyor) report for major damages. 

In the latest demonstration, it was found that 70.54 percent of the insurance claims for damage to physical structures are for vehicle (motor) insurance. So far, 2,308 claims worth about Rs 3.47 billion have been made in vehicle insurance. 

From a regional perspective, the highest loss has been seen in Bagmati. This is shown by the data on insurance claims made by property owners for damage. Accordingly, only 54 percent or 1,807 claims have been filed in Bagmati. In second place, 400 claims have been filed in Koshi. In third place, 372 claims have been filed in Madhesh. 258 insurance claims have been filed in Lumbini, 222 in Gandaki, 211 in Sudurpaschim and 30 in Karnali, according to the Insurance Authority.