Kathmandu: Unpaid claims of leading life insurance companies including the market giant Nepal Life Insurance have surged remarkably in the first quarter of current financial year.
Nepal Life Insurance has the highest unpaid claim of Rs. 2.21 billion in Q1 of current FY. It’s unpaid claim surged by 54 percent. The unpaid claim of Nepal Life was Rs. 1.43 billion only in the corresponding period of the last FY 2077/78.
Met Life(Alico) stands in second position with the second highest unpaid claim in Q1. It has unpaid claims of Rs. 744.1 million. The unpaid claim is 14.08 percent higher as compared to Q1 of last FY.
In the third, National Life has yet to pay total claims of Rs. 638 million.
Its unpaid claim surged by 62.89 percent.
LIC Nepal is in the fourth place in terms of unpaid claim amount. Unpaid claims have been increased by 41 percent to Rs. 298.8 million as compared to the same period last FY.
The Asian Life Insurance Company has unpaid claims of Rs. 68 million while Surya Life has yet to settle the claims of Rs. 55.1 million. Rs. 53.7 million of Jyoti Life, Rs. 16 million of Prime Life and Rs. 11 million of Citizen Life have yet to be paid.
During this period, Prabhu Life has unpaid claims Rs 81 lakh. Union Life Rs. 76 lakh, Reliance Life Rs 43 lakh, Mahalakshmi Life Rs 41 lakh, Gurans Life Rs 20 lakh and IME Life Rs. 8 lakh unpaid claim.
Four Life Insurers have zero unpaid claim:
As per the financial statements of the Q1 of current FY, Sanima Life, Reliable Nepal Sun Nepal Life Insurance Company and Rastriya Beema Sansthan have paid 100% of their life insurance claims.
Based on the Q1’s report, life insurance industry has yet to pay a claim of Rs. 4.10 billion. Compared to the same period of the last FY, the unpaid claims of the companies have surged by 47 percent. The unpaid claim of Q1 of last FY was Rs. 2.776 billion only.