General Insurers Start Settlement of Covid19 Insurance Claim

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Kathmandu: General insurance companies have started the settlement of long pending Covid19 Insurance claims from Tuesday. Under the coordination of the Nepal Insurers’ Association, general insurance companies have announced to pay claims to around 72 percent of the individual and family insurance.

According the the Association, out of the 25,084 pending claims of individual and family insurance, a total of 18,060 claims will be settled in the first phase. According to the payment modality of Covid19 insurance claims, the first priority has been given to individuals and families based on their PCR test report.

A total of Rs. 1 billion 23 crore 63 lakh 63 thousand 652 will be disbursed in the first phase. The Covid19 Insurance claims has been pending since long amid Government’s refusal to pay for its financial liability. After series of media campaign and courts order, the Govt. has provided only Rs.1 billion against its liabilities of Rs.7.5 billion. Rest of the fund has been arranged with the contribution of the general insurers and the Nepal Insurance Authority.

According to the Association, Shikhar Insurance will pay a total of 2635 claims. National Insurance Company will pay 1,863 claims, Neco Insurance, 1,665, Sagarmatha Insurance, 1,542, Azod Insurance, 1,355, and Himalayan General Insurance, 1,259 claims respectively in the first phase.

The Nepal Reinsurance has denied to allocated any additional funds over its financial liability for the Covid19 Insurance claims. The Nepal Insurance Authority had instructed it to allocate Rs.2 crore 18 lakh 18 thousand for the insurance claim settlement.

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