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.
KATHMANDU, Oct 14: Though people are rushing to purchase insurance policies owing to a sharp rise in cases of COVID-19 in recent times, the insurance companies have been very slow in settling the claims. So far, they have settled only 12.6 percent of the total claims.
KATHMANDU, Sept 16: Nepal’s insurance companies have long been accused of defrauding the people. Even after life and non-life insurance schemes mature, the companies refuse to make payments as per the agreements, and delay in the name of processing paper works. People rushed to insure when insurance companies advertised a scheme of 600 rupees, where you would get paid 100,000 rupees in case of coronavirus infection. According to Beema Samiti, around 1.3 million people rushed to insure in the immediate aftermath of the pandemic. Now the companies are changing their tune. Moreover, the regulatory agency that should have carried out the investigation and punished the companies is singing the same song.