Kathmandu:The Insurance Board could not find a reliable research organisation for research of insurance industry of Nepal. Board has already extended the application submission period thrice and called for expression interest from the interested organisation.
According to the Board, initially only one application was received which was not enough for comparison and evaluation. After that, the deadline has been extended three times while waiting for the new application.
Experts opine that, there are many independent organisation and individuals who have conducted research in financial sectors but as Insurance Board has mentioned it mandatory to be experienced in the Insurance Industry research, it has restricted them to submit proposals.
For the first time, the board had called for proposals for the institutes active in the field of study and research to prepare a report after conducting a detailed study on the overall situation of insurance business in Nepal for the first time and future steps to be taken for the expansion of insurance business.
The Insurance Board has tried to study the insurance sector through independents and experts saying that they will not know the shortcomings while conducting the study itself. The board has stated that the study will reveal the reality of insurance and it will be easier to formulate policies on the same basis.
This situation has arisen due to the lack of individuals and institutions conducting research in Nepal.Studies and research can only be done by people or organisation working in the insurance industry for a long time. Chartered Accountants, Actuaries, Surveyors, etc. can do a real study of this field. The School of Mathematics has started teaching Data Science at postgraduate level from this year.