Complaints against insurers for delaying insurance claims settlement on the rise

KATHMANDU, Feb 22: Insurers have been found dilly-dallying to settle insurance claims of their clients as the Insurance Board (IB) receives an increasing number of complaints in recent days.

According to the IB, it has received a total  of 273 complaints against insurance companies as of mid-February in the current fiscal year. Out of the total cases, 93 have been settled.

In 2020/21, there were 229 cases filed against the insurers, out of which 91 cases were settled. Likewise, the regulator received 187 complaints each in 2019/20 and 2018/19 and 116 complaints in 2017/18.    

The records with the IB show that a total of 805 complaints were registered in the past five years. A total of 295 cases were settled while more than 500 cases are yet to be finalized.