Unpaid claim of Non-life insurers amounts to Rs.20billion, Claim payments surged by 42 pc

Kathmandu: Non-life insurance companies have to unpaid claim of around Rs.20 billion. According to the unaudited fourth quarterly financial statements made public by the 20 non-life insurance companies, they have to pay Rs. 19.86 billion as of mid-July last fiscal year. The non-life insurance companies have 86,830 claims pending.

The amount remaining to be paid by non-life insurance companies to the insured under various claims headings has increased by 43 percent as compared to the previous fiscal year 2076/77. The unpaid claim was Rs. 13.88 billion in FY 2076/77 against 82,413 insurance claims.

Premier Insurance has the highest unpaid claim. Premier has yet to pay Rs. 2.58 billion to its insured. Similarly, Shikhar Insurance is in second rank in terms of unpaid claim amount. Shikhar has not unpaid claim of Rs. 2.1 billion. Sagarmatha Insurance has the third highest unpaid claim worth Rs. 1.77 billion.

The non-life insurance companies that sold the Covid-19 epidemic insurance policy with the facilitation of the Insurance Board have yet to pay more than Rs. 6 billion to the insured. As the government has not paid the amount of its liability, the insurance companies have left their insured empty handed.

Claim payments surged by 42 percent

The claim paid by non-life insurance companies has increased by 42 percent. According to the data published by non-life insurance companies, claims of Rs. 17.44 billion have been paid till mid-July last fiscal year. This claim amount has been paid under 1,48,087 insurance claims. However, this figure includes the details of Oriental Insurance Company’s third quarterly report.

The highest claim payer is Shikhar Insurance Co. Ltd. It has paid Rs. 1.98 billion under 19,181 claims. Similarly, Himalayan General Insurance, which is in the second place, has paid Rs. 1.75 billion under 7,384 claims, according to the quarterly report. NLG Insurance Co. Ltd., which is ranked third in terms of claim payment, has paid Rs 1.34 billion under 8,339 claims.

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