Kathmandu: As the competition of life insurance companies to issue insurance policies with high sum assured increases, the size of insurance claims is also increasing. Life Insurance claim amount has increased by 35.15 percent during the period of last one year.
According to the data published by the Insurance Board, regulatory authority, 19 life insurance companies have paid 331,635 insurance claims during the last financial year 2078-79. A total of Rs. 44.6 billion has been withdrawn from the life insurance fund while paying the claims. In the previous financial year 2077-78, life insurance companies had paid Rs. 33 billion against 136,464 life insurance claims.
Met Life, Asian Life, Prime Life, Guransh Life and Surya Life insurance companies, which came into operation after Nepal Life Insurance, have to pay the maturity claim for a period of 15 years to their insured, so the size of claim payment is expected to surge on current year.
According to the Board, claims payment has also increased by 8.25 percent towards non-life insurance segment. According to the data unveiled by the Board, 20 non-life insurance companies have paid claim of Rs. 18.82 billion against 141,186 insurance claims throughout the last financial year. In the FY 2077-78, Rs.17.39 billion were paid for 146,931 insurance claims.
