Kathmandu: The government of Nepal ows the liabilities of Rs 9.62 billion against Covid19 Insurance claim.The Insurance Board has sent a request letter to the Ministry of Finance to release the fund for the settlement of claim.
Last Thursday, all the life insurance companies had postponed the payment of Covid19 Insurance claim showing the reason of absence of Government’s financial contribution to pay the claim.
Following the initiative of the Nepal Insurers Association, the Insurance Board has sent a letter to the MoF today requesting for release of funds. According to the Board, the number of insured issued under the Corona insurance policy is 1.758 million. The government of Nepal had insured 9,58,198 public sector employees by providing grants.
Out of the lotal insured 1,37,754 insured have applied for the claim payment. The Covid19 insurance policy had the provision of compensation of Rs.50 thousand and Rs.1 lakh to the insured if s/he tested positive during PCR test.
According to the arrangement of Covid19 Insurance, Rs 3.5 billion was to be paid from the Covid19 claim pool. If the total claim exceeds Rs 3.5 billion, the government of Nepal would bear the additional amount. Accordingly, the Board has stated that Rs. 3.5 billion has been paid through the board. Apart from the pool, the insurance companies have voluntarily paid Rs. 1.28 billion.
The pool and companies have so far paid Rs 4.78 billion altogether. The board has stated that the claim of Rs. 9.64 billion is yet to be paid. According to the Insurance Board, insurance premium of Rs. 1.5 billion only has been earned through Covid19 Insurance. The insurance premium against the public sectors employees’ Covid19 insured has yet to be paid by the Government of Nepal. The government had announced grant for the Covid19 insurance to the public sectors employees’. The premium amount against the government employees accounts to Rs. 21.2 million.