Non-life Insurance companies settle claims worth over Rs 172 billion related to floods and landslides

KATHMANDU, OCTOBER 17: Non-life Insurance companies have compensated policyholders with a total of Rs 172.8 million for damages caused by recent floods and landslides. According to data from the Nepal Insurance Authority, six  companies have resolved 97 claims as of Wednesday (Oct 16).

Himalayan Everest Insurance has settled one claim for Rs 24,000, while Neco Insurance has paid Rs 66,000 for four claims. Shikhar Insurance has handled 89 claims, amounting to Rs 172.4 million. IGI Prudential, Sanima GIC, and Prabhu Insurance have settled claims worth Rs 39,000, Rs 216,000, and Rs 11,000, respectively.

Out of the total claims, 49 were related to property insurance, totalling Rs 160 million. Private motor insurance claims amounted to Rs 7.834 million across 35 cases, while public motor insurance claims reached Rs 3.556 million. Additionally, marine insurance accounted for Rs 9,000 in compensation, and livestock insurance claims totalled Rs 400,000.

Currently, 3,244 policies have filed claims amounting to Rs 8.98 billion in total. Among them,  Rs 6.68 billion is tied to property insurance, while Rs 1.84 billion is under engineering insurance. Private and public motor insurance claims amount to Rs 230 million and Rs 169.4 million, respectively. Marine insurance claims stand at Rs 20 million, agricultural insurance at Rs 11 million, livestock insurance at Rs 10 million, and miscellaneous claims total Rs 5.4 million.

The bulk of the resolved claims involve property and motor insurance, with many claims still under processing.