Covid19 Claim:Insurers seek favour from Parliamentary Committee

Kathmandu:The non life insurers have requested Krishna Prasad Dahal, chairman of the finance committee of the parliament, to take the initiative to settle the Corona insurance claim.  On behalf of the association, Chief Executive Officer of Sagarmatha Insurance Company Chunky Chhetri, Ashok Kumar Khadka of NECO Insurance Company and Chief Executive Officer of NLG Insurance Company Sunil Ballav Pant met him.

During the meeting, Finance Committee Chair Dahal assured to keep the issue of payment of Corona Insurance claims his priority.  Stating that the corona insurance criteria have been passed by the party and individuals, Dahal has expressed his commitment to direct the government to make the payment.


The Finance Committee is going to call the Insurance Board, Insurance Company and the Ministry of Finance for a discussion on the same issue.  Dahal has called all parties to discuss long pending Corona insurance claims.

According to the Corona Insurance Criteria, the Government of Nepal has to pay claim over Rs. 3.5 billion.  Under which the Government of Nepal has to pay total claim of Rs. 6.16 billion. Non life insurance companies have settled claims worth Rs. 4.78 billion only.One lakh 38 thousand corona infected people have made claim.

All sides have failed in Corona insurance.  The biggest weakness seems to be the insurance board.  By issuing an epidemic insurance policy, the Insurance board has put the insurance company and the Government of Nepal in big trouble.  On the other hand, the companies that have sold policies by expressing commitment to the policy issued by the Insurance Board have been found to be the most irresponsible.

Insurance is a legal contract.  According to the agreement, insurance companies must fulfill their obligations. Their first obligation is to the insured. They are blaming the Insurance Board and the Government of Nepal for not paying the claims as per the agreement made with their insured.  On the other hand, the Insurance Board has not been able to put pressure on the insurance companies to pay the claims nor has it been able to coordinate with the Government of Nepal.  Chairman Surya Prasad Silwal, who was appointed by the then ruling CPN government, could not put pressure on the government to release fund for the Corona insurance claim.  The current government is trying to avoid saying why it will pay the burden added by the previous government’s decision.

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