Insurance companies settle 4% of flood-related claims

As of last Tuesday (November 5), non-life insurance companies have paid out 4% of the claims related to the floods and landslides that occurred in late September. According to data from the Nepal Insurance Authority, the companies together made a payment of NPR 471.1 million in claims. A total of NPR 10.53 billion in claims has been made with them. They have settled 18% of the claims by number. So far, out of a total of 3,460 claims, 667 have been paid out.

 Breakdown of Claims as per insurance type 

• Property Insurance: In property insurance claims, of a total of NPR 791 million (79.1 crore) in claims, the companies have settled NPR 38.95 million (3.895 crore).

• Engineering and Contractor Risk: For engineering and contractor risk claims, out of a total of NPR 206 million (20.6 crore) in claims.NPR 1.11 million (11 lakh) has been cleared.

• Motor Insurance (Private): For private motor insurance, NPR 3.23 million (32.3 lakh) has been paid, out of a total of NPR 3.3 billion (330 crore) in claims.

• Motor Insurance (Public): For public motor insurance, NPR 348 million (34.8 crore) has been paid out, from a total of NPR 1.684 billion (168.4 crore) in claims.

• Marine Insurance: Marine insurance claims total NPR 1.59 million (15.9 lakh), but only NPR 721,000 (7.21 lakh) has been paid out.

• Livestock Insurance: For livestock insurance, a total of  NPR 1.22 million (12.2 lakh) has been claimed, and companies have paid out NPR 160,000 (1.6 lakh).

• Agricultural Crop Insurance: In agricultural crop insurance, NPR 500,000 (5 lakh) has been paid out.

• Other Insurance: Companies have paid NPR 220,000 (2.2 lakh) for other types of insurance claims.

Provincial Breakdown of Claims:

• Koshi Province: 233 claims worth PR 47.6 million (4.76 crore) 
• Madhesh Province: 98 claims worth NPR 17.61 million (1.761 crore) 
• Bagmati Province: 3,052 claims.worth NPR 971 million (97.1 crore) 
• Gandaki Province:28 claims worth  NPR 5.72 million (57.2 lakh)
• Lumbini Province: 44 claims worth NPR 10.51 million (1.051 crore)
• Karnali Province: Claims worth NPR 400,000 (4 lakh) worth of claims.
• Sudurpashchim Province: Claims worth NPR 209,000 (2.09 lakh)