Kathmandu: Based on the fourth quarter financial report, life insurance companies have yet to pay claims worth Rs 4.65 billion. It means they have not entertained the claims of insured due to lack of full evidence for claim payment or due to false claim.
Out of 19 life insurance companies, Nepal Life has Rs 2.55 billion in unpaid claims. Met Life has Rs. 831.1 million in unpaid claims. In the third, National Life is yet to pay Rs. 722 million claim. LIC Nepal stands at the fourth rank in terms of unpaid claim. It has yet to pay Rs. 257.2 million to the insured.
In the fifth, Rastriya Bima Sansthan has to pay Rs. 168.7 million while in the sixth, Asian Life has to pay Rs. 48 million.
Out of 19 life insurance companies, 6 life insurance companies have zero outstanding claims. Surya Life, IME Life, Reliance Life, Mahalakshmi Life, Reliable Nepal and Sanima Life Insurance Company have paid 100% of their claims to their customers. As per the financial statements of the fourth quarter of FY 77/78, the outstanding claims of these six companies are zero. Surya Life Insurance, one of the oldest insurance companies, has also been able to settle 100% of the claims.
Note: As there is no data on the unpaid claims to be paid by the Rastriya Bima Sansthan, the data on the provision for claims pending at the end of the financial year has been mentioned here.