Govt mulls to link insurance with production and productivity

Kathmandu: President Bidhyadevi Bhandari has presented the policy and program for the upcoming financial year 2079/80(2020-2023). In the policy and program, Bhandari has announced policy arrangements to link insurance with production and productivity. Similarly, access to micro insurance will be extended to remote and deprived sections by expanding agriculture and livestock insurance program.

Based on the policy and program, Finance Minister Janardashan Sharma will present the annual budget and programs for upcoming fiscal year on May 29. The program mentioned in the budget will be implemented by the Insurance Board, regulatory authority of the insurance industry.

At present Government of Nepal provides 80 percent subsidy against agriculture and livestock insurance. The agriculture and livestock insurance program couldn’t flourish amid the poor service delivery and claim payment of the non-life insurers.

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