Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Following the incessant rainfall on October 10, a total of NPR 12.86 billion worth of insurance claims have been filed due to damages caused by subsequent floods and landslides. According to the Nepal Insurance Authority, 3,686 claims applications have been submitted so far.
Of these, 1,809 claims worth NPR 1.78 billion have been settled to date. The Authority reported 1,774 claims under property insurance, amounting to NPR 9.22 billion.
In the engineering and contractor risk category, 324 claims have been filed, totaling NPR 2.84 billion. In the private motor insurance segment, 954 claims were submitted, with a demand for NPR 415.34 million.
For public motor insurance, 393 claims were filed, amounting to NPR 289.91 million. Similarly, 23 claims were made under marine insurance, with a demand for NPR 40.49 million.
In livestock insurance, 60 claims amounting to NPR 38.25 million were filed, while 137 claims under crop insurance sought NPR 10.59 million. Under miscellaneous insurance, 21 claims were filed, amounting to NPR 7.59 million.
Regional Breakdown of Claims and Settlements
–Koshi Province: 267 claims were filed, of which 158 have been settled. –Madhesh Province: Out of 108 claims, only 37 have been settled. –Bagmati Province: The most affected, with 3,213 claims filed, and settlements made for 1,585 claims. –Gandaki Province: 47 claims were filed, of which only 15 have been settled. –Karnali Province: 8 claims were filed, with settlements for 4 claims. –Sudurpaschim Province: 6 claims were filed, and 3 have been settled.
The Nepal Insurance Authority continues to process the remaining claims to compensate those affected by the devastating floods and landslides.
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