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ECONOMY

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 with the Insurance Board (IB) receiving an increasing number of complaints in recent days.
By Republica

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.


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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. 


 


 

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