Kathmandu. A large number of casualties have been caused due to the glacier explosion and subsequent flash floods in the Langtang range of the Nepal-Tibet border. With this casualty, the pressure of death claims on life insurance companies is also increasing.
In case of the death of the workforce working in hydropower projects, commercial institutions, industries and factories, the compensation will be borne by the ‘Contractor All Risk’ i.e. the non-life insurance company through the contractor all insurance or intensive insurance. Apart from this, in the case of the general public who have life insurance, the life insurance company will have to pay the claim.
The number of dead is yet to be confirmed. Those who have lost their relatives have not been able to get confirmation about their condition. The bodies of those suspected to have died have not been found or identified.
More than 1,000 people have been confirmed dead and more than 4,000 people are still missing due to the powerful floods including mud. There is a strong possibility that both these numbers could increase further. It is suspected that some of the bodies swept away by the floods may have reached India across the border. Many workers and employees working in and around the tunnels of about a dozen nearby hydropower projects, including Rasuwagadhi, Chilime, Trishuli 3A and Devighat, are out of contact.
According to life insurance companies, Rasuwa, Nuwakot and Dhading districts near the Kathmandu Valley are considered as suitable markets for life insurance. The ability to save for life insurance ranges from normal to high as the residents of these markets live in Kathmandu by migrating to Kathmandu in addition to agricultural occupations, foreign employment, trade and export.
During the inquiry conducted by Insurance Khabar, the insurers found that there are insured insured in these districts ranging from Rs 2 lakh to Rs 2 crore. Although the permanent address of some of them is in the flood-affected districts, they have a permanent temporary residence in the areas around Balaju, Manamaiju, Thankot, Sitapaila in the Kathmandu Valley.
