KATHMANDU, Oct 15: Following the devastating floods in the last week of September, initial estimates suggest that insurance claims could reach Rs 7.5 billion. According to the Nepal Insurance Authority (NIA), the total insurance claims made from September 26 to October 8 stood at Rs 3.817 billion.
The NIA reported that 1,375 claims have been filed, with Rs 7.865 million already disbursed for 70 of these claims.
Complaints related to insurance claims settlement on the rise:...
Siddhartha Premier Insurance is projected to face the largest share of claims, estimated at approximately Rs 1.9378 billion. The Oriental Insurance Company is also expected to handle significant claims, estimated at Rs 1.45 billion.
The majority of claims have been related to property insurance, amounting to about Rs 2.6523 billion. Additionally, claims under engineering and contractor risk insurance have reached approximately Rs 968.16 million. So far, payments have been made across various sectors, including livestock, private and public motor insurance, property insurance, and marine insurance, totaling Rs 7.865 million.
