Kathmandu: The state-owned Nepal Reinsurance (Nepal Re) Company, which is under pressure to provide better service after the entry of a new reinsurer promoted the private sector, has significantly recruited new manpower.
Nepal Re has added manpower by giving priority to the appointment of technical manpower to address the complaints of delay in claim settlement and underwriting.
According to the periodical report published on 23rd March 2021, there are currently 62 permanent and contract employees in Nepal Re. The company’s manpower has surged by about 32 percent since last October. Nepal Re had a total of 47 employees till last mid-December.
Due to the fast and competitive service delivery by the private sector’s Himalayan Re, the top management of Nepal Re is now under pressure to increase its competitiveness. The first amendment of Directive 2021 on Reinsurance has ended the monopoly of Nepal Re, as it has been enjoying the sole benefit of mandatory cession from indigenous insurers. The Directive also provides protection to private reinsurers. The effect of the Re-insurance directives will be seen only after mid-July 2022. The re-insurance treaty is commenced from mid-July of each financial year.
