Kathmandu: The general insurance companies currently in operation have to pay a claim of Rs. 24.48 billion to the insured. This is the figure of non-life insurance companies which published their financial statements in the second quarter of the current fiscal year 2078/79.
The unpaid claim was Rs. 14.34 billion in the same period last fiscal year 2077/78. The outstanding amount has increased by Rs. 10.14 billion in one year.
Chunki Chhetri, president of the Nepal Insurance Association (NIA), the apex body of general insurers, said that due to the natural calamity, landslides and fires, many claims have been made this year. “There have been a lot of natural disasters this year and another reason is that claims for automobiles too have skyrocketed,” he said.
Chairman Chhetri said that the claim could not be paid on time as the insured did not submit the required documents on time. He said that the insured are supposed to support the surveyor by giving the details and evidence of loss as soon as possible. ‘
Non-life insurance companies have paid claims of Rs. 6.65 billion in the current fiscal year till Q2. The companies had paid Rs 7.58 billion during the same period last year.
This year, the largest Premier Insurance Company has the highest unpaid claim laying on its financial report. It has yet to pay total claim of Rs. 3.87 billion till Q2. Similarly, Shikhar Insurance Company has to pay a claim of Rs 2.60 billion. Sagarmatha Insurance has to pay a claim of Rs 2.4 billion while Siddhartha Insurance Company has yet to pay the claim of Rs. 1.89 billion.
NLG Insurance Company Rs 1.73 billion, Nepal Insurance Rs 1.32 billion, Everest Insurance Rs 1.26 billion, IME General Rs 1.20 billion, Ajod Rs 1.16 billion, Lumbini respectively. And United Insurance unpaid claim is Rs 1.6 billion for Q2.