9,000 claimants yet to receive COVID-19 insurance payments

Published On: December 14, 2020 11:42 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Dec 14: Despite Finance Minister Bishnu Poudel’s direction to pay the insurance claims as soon as possible, 9,000 claimants who have submitted all required documents are yet to receive their payments.  

The claim rate is increasing each day but the payment process has slowed down which is creating a bad impression of insurance companies. According to Beema Samiti, the insurance regulatory authority of Nepal, 1,711,000 people have been insured against COVID-19. A total of 17,235 have claimed insurance payment and have submitted all necessary documents. Of which only 8,145 people have received the payment which equals to Rs 850 million.

Nirmal Adhikari, information officer at the Beema Samiti said, “So far 8,145 people who submitted all required documents have received their payments. The payment procedure has started for the remaining claimants.”

Those who have not been able to get the payment have accused insurance companies and Beema Samiti of delaying the process on purpose. “I submitted all the documents as asked by the company a month ago,” Radhika Bhandari, who is waiting for her payment, said. “Whenever I visit the company for the amount, they tell me it is still in the process.” She had bought an Rs 100,000 COVID-19 insurance policy from Sanima General Insurance.

Finance Minister Poudel had directed insurance companies to make the payments within a week after claims are made. Later he asked the companies to shorten the period to three days.

Although the Samiti has said documents of 17,235 people are as per the requirement, Nepal Insurers’ Association stated about 39,000 people have claimed the payment. A CEO of an insurance company said that insurance companies need to pay Rs 3 billion to the claimants. A total of 19 non-life insurance companies have collected Rs 987.5 million by selling COVID-19 insurance policies.


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