Kathmandu: Nepal Insurance Association has announced that the partial settlement of long pending Covid19 Insurance claims will be kicked off from Tuesday 13 Mangsir 2079. The payment will made based on the principle of first come first serve. So, the insurers will entertain the earliest submitted claim while disbursing the claim payment.
The Nepal Insurance Authority has announced that it plans to disburse claim of Rs.1.81 billion through the contribution of the Government of Nepal, General Insurers, Nepal Re-insurance and the Authority itself. But Nepal Re-insurance has already denied to allocate additional amount for the pending claims. It has already clarified that it doesn’t owe any liability towards the Covid19 Insurance. After the refusal of the Nepal Re, only Rs billion 27 crore 27 lakh has been collected in the Insurance Pool so far.
The Federal Government has allocated only Rs. 1 billion for the Insurance Pool against its liability of about Rs. 6 billion. General Insurance Companies have paid Rs. 45 crore 45 lakh to the Pool. The amount availed by the general insurers has been mentioned as receivable from the Federal Govt.
According to the Authority, out of a total claim of Rs. 14.93 billion of, only Rs. 4.81 billion has been paid so far against the claim.