According to data as of mid-March 29, insurance companies had received claims worth 23.38 billion 11 million rupees.
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Insurance claims for damage to physical structures during the protests on Bhadra 23 and the demonstrations on Bhadra 24 totaled 23.5 billion rupees, of which 7 billion rupees have been paid. According to the data as of mid-Falgun 29, insurance companies had claims worth 23.38 billion rupees. Of that, only 7.155 billion rupees had been paid by mid-Falgun, according to the Insurance Authority.
Insurance companies also say that the claims for damage caused during the protests are the highest so far. Earlier, 17 billion rupees were paid for the earthquake of 2072 and about 13 billion rupees for the floods in Asoj last year. The authority has clarified that the amount paid until mid-Falgun includes advance payments. The amount paid during that period is only about 30 percent of the total claims. As of last week, 3,555 claims have been filed with insurance companies.
The regulatory body, the Insurance Authority, has stated that the claims paid by insurance companies are satisfactory. The Authority claims that insurance payments are made at the same pace in other countries with social and economic conditions like Nepal. The Authority has stated that initial assessment is required for claim payment and that insurance payments have been made in cases where assessment has been completed.
It is stated that payments are pending in cases where assessment has not been completed/in process. Insurance companies claim that due to the fact that more claims have not been processed than due to the insurance company, they have not been able to pay as expected. Nepal Reinsurance Company has also paid the amount for reinsurance. However, the companies claim that assessment has not been completed in some claims and in some cases, even the minimum required documents have not been received.
Of the claims paid up to mid-Falgun, the highest amount of 4.91 billion 6.8 million rupees is under property insurance (household property). Property insurance includes houses, apartments and other fixed assets. This insurance has 720 claims with a claim amount of 18.99 billion rupees. After property insurance, motor insurance has the highest payment. Of which, claims worth 1.86 billion 87 million rupees have been paid.
125.7 million rupees have been paid in contractor and engineering insurance, 16.4 million rupees in transit insurance, and 87.8 million rupees in other insurance. Insurance companies have stated that only a small number of claims have been paid due to the lack of evaluation and procedural work, especially in major damage.
Insurance companies say that most of the payments were 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 property, the company says that the payment amount is not much because it takes time to receive the surveyor's report in major damage.
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, 2,330 claims worth about 3.85 billion rupees have been paid in vehicle insurance. From a regional perspective, the highest damage has been seen in Bagmati. This is what the insurance claims made by property owners for damage show. According to this, only 54 percent or 1,839 claims have been filed in Bagmati. In second place, 442 claims have been filed in Koshi. In third place, 378 claims have been filed in Madhesh. According to the Insurance Authority, 232 insurance claims have been filed in Lumbini, 221 in Gandaki, 212 in Sudurpaschim and 31 in Karnali.
