Kathmandu. In a report based on a survey on micro insurance published by the Nepal Insurance Authority, most of the insurers said that the current micro insurance directive of Nepal has not facilitated innovation in insurance policy development. <\/p>\n
Eight traditional insurers and 3 microinsurers surveyed said that the directive had “no positive effect” on product innovation. They say the guidelines do not have a regulatory sandbox or a testing and learning environment to encourage innovation in insurance policies. Apart from this, it has been commented that the limit of Rs 5 lakh insured in small life insurance is very impractical and strict. <\/p>\n
They also pointed out the lack of pricing guidelines for fixing insurance rates. According to them, there is ambiguity in the definition of micro insurer and traditional insurer. <\/p>\n
There is no clear framework for hybrid or comprehensive insurance with a total of life and non-life insurance policies while preparing the policy. <\/p>\n
International examples cited in the report, including the Philippines and South Africa, point to regulatory sandboxes, proportional penalties and flexible manufacturing as tools to promote innovation. The report has suggested the NRA to establish a regulatory sandbox framework, standardized micro-products, formal partnership templates, and gender-inclusive reporting. <\/p>\n
The insurer cautioned that without innovation incentives and micro insurance may be stagnant in traditional patterns rather than addressing emerging risks such as climate variability and lifestyle diseases that Nepal is facing.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. In a report based on a survey on micro insurance published by the Nepal Insurance Authority, most of the insurers said that the current micro insurance directive of Nepal has not facilitated innovation in insurance policy development. Eight traditional insurers and 3 microinsurers surveyed said that the directive had “no positive effect” on product […]<\/p>\n","protected":false},"author":5,"featured_media":188551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45149,45159],"tags":[],"class_list":["post-289111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-laghu-beema-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/289111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=289111"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/289111\/revisions"}],"predecessor-version":[{"id":289112,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/289111\/revisions\/289112"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/188551"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=289111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=289111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=289111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}