This year will be the ‘Claim Settlement Year’ : IB Chair Silwal

Kathmandu. The Insurance Board(IB) is going to celebrate this year as the year of claim payment. Chairman of the IB Surya Prasad Silwal on Wednesday announced on a formal event that this year is going to be celebrated as the year of claim payment.
Addressing the inauguration ceremony of ‘Bima Bhawan’ of NECO Insurance Company, Chairman Silwal said, “We are minutely studying and interacting about the issues for long outstanding and pending claims.

He informed that the IB is checking the status of claim payment of each companies and asking the companies with high outstanding claims to short out the issue as soon as possible. In some cases, we have forced the CEOs of few companies to make written commitments for early claim settlement.
Insurance companies have yet to pay more than Rs. 30 billion in claims. Some insurance claims have not been made for many years.

While the chairman is announcing this year as the year of claim payment, more than Rs. 11 billion claims has yet to be settled against Covid19 insurance.

The victim complains that the easier it is to insure, the more difficult it is to get the claim payment, mostly from the non-life insurance companies.

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