The insurance sector regulator on Tuesday
Samiti on Tuesday held discussion with chairperson and a board member of each non-life insurance companies and directed them to settle claims of small amounts at the earliest. "Such claims can be settled in their own discretion if surveyors are unable to submit their reports in time in this special circumstance," Fatta Bahadur KC, chairman of Beema Samiti, said in the discussion. "They should make advance payment to their clients if the settlement process takes time."Beema Samiti plans to invite management team of non-life companies for discussion very soon.
According to Beema Samiti, 16 non-life insurance companies have received over 12,000 claims after the devastating earthquake of April 25. However, they have settled less than 50 claims till Tuesday.
Non-life insurers have pointed out shortage of surveyors as the reason behind delay in settlement of claims. At present, there are only around 200 surveyors.
Realizing the situation, Beema Samiti has allowed insurance companies to hire foreign surveyors for fast-track settlement of claims related to the earthquake.
"Work performance of non-life companies is not satisfactory," KC said, adding that Beema Samiti will keep tabs on the claim settlement process of non-life insurers.
KC is hopeful that board chairpersons will guide their respective managements for timely settlement of insurance claims. "They were positive toward our concerns," KC said.
Most of the claims are related to fire insurance which also covers risk of damage made by earthquakes.
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