Insurance companies might receive over Rs 7 billion in claims due to recent deluge

KATHMANDU, OCTOBER 6: Due to floods and landslides, insurance companies are projected to receive claims worth 7.21 billion rupees. According to data from the Nepal Insurance Authority, 2,337 claims are expected in 14 non-life insurance companies and four microinsurance companies.

Based on preliminary assessments and reports submitted to the Authority, Siddhartha Premier Insurance Company has received the highest number of claims, amounting to 1.81 billion rupees. Oriental Insurance has claims worth 1.44 billion rupees, and Himalayan Insurance has recorded claims of 1.17 billion rupees.

In terms of the number of claims, Shikhar Insurance leads with 322 claims filed, followed by Siddhartha Premier with 319, Neco Insurance with 223, IGI Insurance with 248, Sagarmatha Lumbini with 291, and Himalayan Everest with 216 claims.

Nine companies are said to have formally registered claims amounting to 2.67 billion rupees. According to the Authority’s data, a total of 709 claims have been officially submitted so far.

Preliminary reports show that property insurance has received the highest amount of claims. Insurance companies estimate claims of 6.11 billion rupees under this category. So far, 2.31 billion rupees worth of claims have been filed. The companies anticipate a total of 1,258 property claims, out of which 334 have been formally registered.

In the engineering sector, claims worth 711.8 million rupees have been submitted. Agricultural and crop insurance claims amount to 4.3 million rupees, while livestock insurance has recorded claims worth 11.5 million rupees. Private motor vehicle insurance claims amount to 273 million rupees, while public motor vehicle insurance claims stand at 154.5 million rupees. Marine insurance has claims totalling 9.32 million rupees, and miscellaneous insurance claims are worth 1.4 million rupees.

According to the data, Bagmati Province has reported the highest number of claims, amounting to 6.93 billion rupees. Thus far, written claims worth 2.58 billion rupees have been filed from this province, with a total of 1,788 claims reported.

In Koshi Province, claims amount to 169.9 million rupees, while Madhesh Province has 75.9 million rupees, Gandaki Province has 46.9 million rupees, and Lumbini Province has reported claims worth 57.5 million rupees. Karnali Province has only one claim recorded, amounting to 100,000 rupees.

Continuous rainfall since October 11 has caused widespread damage across the country. In response, the Authority has instructed insurance companies to promptly collect detailed information on the claims and facilitate swift settlements. Additionally, the Authority has directed companies to submit updated data on a weekly basis.