COVID-19 Pandemic

Only 5,000 out of over 32,700 insurance claimants receive their money

Published On: December 2, 2020 10:57 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Dec 2: Insurance companies have settled insurance claims of only 15 percent of the individuals who have applied for the amount insured against the COVID-19.

As per the report submitted by the non-life insurers to the Beema Samiti, 32,784 individuals have applied for insurance coverage amounts against the pandemic disease as of Tuesday. However, only 4,929 individuals have been paid their insured amount. The insurers have paid just Rs 477.70 million for the insurance claims which is far less compared to the cumulative claims of Rs 3.18 billion.

The slow response of insurance companies continues to persist despite the instructions of the Ministry of Finance and the Beema Samiti to settle the insurance claims for COVID-19 insurance within seven days.

However, the insurers have claimed that the payments have been put on hold as many individuals have failed to submit their full documents. According to them, only 12,118 coronavirus sufferers have submitted the necessary papers while more than 20,000 are yet to fulfill the documentation.

There are 20 non-life insurance companies selling the policy against the COVID-19. These companies have sold 157,395 insurance policies to insure 1.71 million individuals so far. They have collected a premium worth Rs 986.99 million.


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