More than 12 billion issued in insurance payment

Published On: October 19, 2016 01:32 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Oct 19: As part of the insurance payment, the quake-stricken with houses suffering complete and partial damages have received Rs 12.3 billion in insurance amount so far. 

The Insurance Committee has said that premium amount has been paid to 16,343 houses through various insurance companies. This amount payment was carried out by September 16. 

The 7.6 magnitude earthquake which struck on April 25, 2015 and the subsequent aftershocks have inflicted damages to residential buildings as well as commercial and other bigger buildings. 

Committee Chairman, Prof Dr Phatta Bahadur KC, said that the publicity from various media meant to attract the public towards insurance schemes had contributed in increasing their concern and curiosity. 

In fiscal year 2071/72 BS, Rs 36.26 billion was drawn in insurance cost from the insurance entrepreneurs and Rs 30.43 billion during fiscal year 2070/71 BS. The amount is 19 per cent more. 

The Finance Ministry had established the Insurance Committee as a regulating body aimed at enhancement, development, control and monitoring of the insurance business in 1971 (2028 BS). The Insurance Act introduced in 1991 (2049 BS) turned it into an autonomous body with delegation of necessary responsibilities to streamline and systematize the business. 

The number of houses, apartments and malls insured by the concerned owners stands at 17,840 while the premium payment process has started for 1,497 houses which have made the insurance claim. RSS 

Leave A Comment