Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Non-life insurance companies have halted the payment of Covid-19 insurance claims citing that the government delayed release of the budget.
As directed by the Nepal Insurers Association, 20 non-life insurance companies have formally stopped the payment of coronavirus insurance since July 29.
The companies had been delaying in settling the claims related to coronavirus insurance since mid-April due to the delay in part of the government in releasing the budget.
Since the government has not released the promised money, the companies are facing difficulties in settling the claims from their funds. The decision was taken after the companies had a problem with cash flow, said Pant, adding that the claim settlement would start only after the government releases the money.
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