Kathmandu. Siddhartha Premier Insurance Company has paid claims worth Rs 10.73 billion in the last three financial years. <\/p>\n
The company’s Chief Executive Officer (CEO) Birendra Baidwar said that the main responsibility of the company is to pay the claim on time and easily to maintain the trust in the insurance. He said, “No compromise on claim payment. If the insured gets payment on time, then the confidence in the insurance increases. That trust is our standard,” Baidwar said, adding that the company is working on the highest priority of claim settlement and “our first focus is to settle the claim payment in a quick way.” <\/p>\n
8 percent of the Genji movement’s claim is settled<\/strong><\/p>\n }<\/p>\n The company has already paid more than Rs 4.22 billion in advance and interim claims for 389 claims for damages incurred during the JNG agitation on September 23 and 24, 2018. The company has received a total of 422 claims for damages during the agitation, most of which have been settled and only 33 claims are yet to be paid. The initial estimated liability in the case was estimated to be Rs 5.50 billion. This liability was the highest among the non-life insurance companies. According to the company, most of the remaining claims are yet to be completed with the necessary documents and the final survey report of some claims is yet to be received. <\/p>\n “Our first and last priority is to pay claims. We have paid 80 per cent of the claims of the GenG movement, now only 33 are left,” said CEO Baidwar. <\/p>\n Baidawar said that the claim will be settled immediately after completing the terms of the insurance policy, the approved damage assessment and the process as per the prevailing legal provisions. <\/p>\n 10.73 billion payments in three years<\/strong><\/p>\n }<\/p>\n Siddhartha Premier has paid Rs 10.73 billion in claims related to the Genji agitation, natural disasters and other regular claims in the last three financial years. <\/p>\n According to the company, claims paid Rs 2.15 billion in the financial year 2080\/81, Rs 2.80 billion in the financial year 2081\/82 and Rs 5.78 billion in the financial year 2082\/83. In this way, the total claim payment of the company has reached Rs 11.75 billion in the last three years. <\/p>\n Priority to flood-affected insured <\/strong><\/p>\n Siddhartha Premier has also paid more than Rs 1.53 billion in damages due to floods in 2081 BS. <\/p>\n Similarly, the company has also prioritized settling claims of private and commercial property, vehicles, industry and infrastructure affected by the devastating floods in the Bhotekoshi River. <\/p>\n The company said that the claim settlement process has been expedited with the objective of providing financial relief to the insured people affected by the floods as soon as possible. <\/p>\n Baidawar has expressed his commitment to settle the eligible claims in an easy, transparent and expeditious manner as per the provisions and directives issued by the Nepal Insurance Authority for the speedy settlement of claims arising out of the Bhotekoshi floods. <\/p>\n }’The main purpose of insurance is to reduce financial risk’<\/strong><\/p>\n Although the physical and financial losses caused by natural disasters cannot be completely prevented, the economic impact caused by it can be reduced through insurance. According to him, the main purpose of insurance is to provide the necessary financial support to the insured people affected by the disaster to return to normal. <\/p>\n Request to provide the required documents on time<\/strong><\/p>\n The company has said that the speed of claim settlement will be directly related to the process of timely availability of necessary documents, details of damages and survey and evaluation reports. Therefore, the company has requested the insured to provide the necessary documents and details of the damage on time to make the claim settlement faster. <\/p>\n The company has stated that it will effectively mobilize its claims management mechanism and settle eligible claims as soon as possible as per the terms and conditions of the policy and prevailing legal provisions.<\/p>\n","protected":false},"excerpt":{"rendered":" Kathmandu. Siddhartha Premier Insurance Company has paid claims worth Rs 10.73 billion in the last three financial years. The company’s Chief Executive Officer (CEO) Birendra Baidwar said that the main responsibility of the company is to pay the claim on time and easily to maintain the trust in the insurance. He said, “No compromise on […]<\/p>\n","protected":false},"author":9,"featured_media":169865,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45159,45096],"tags":[],"class_list":["post-319988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","category-non-lifeinsurance-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/319988","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\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=319988"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/319988\/revisions"}],"predecessor-version":[{"id":319989,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/319988\/revisions\/319989"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/169865"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=319988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=319988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=319988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}