Kathmandu. Current Fiscal Year 2083. Insurance companies have paid more claims of Rs 13.68 billion till August 2018.
According to the data released by the Nepal Insurance Authority, insurance companies have paid claims of Rs 13.68 billion till August of the current financial year. Life insurers have paid claims of Rs 9.69 billion. This payment is 49,773 claims.
In the previous fiscal year 2082. As of August 2018, life insurers had paid Rs 8.26 billion for 43,363 claims. The number and amount paid by life insurers till August of the current year has increased by 14.78 percent and 17.25 percent, respectively, compared to the previous year.
Both the number of claims and the amount due to be paid by life insurers have increased exponentially. The number of claims due till August of the current year has reached 1,21,644 and the amount of claims that are pending is Rs 9.71 billion. The number of claims and amount due to life insurers during the review period are 114.93 per cent and 104.25 per cent higher respectively than the previous year. As of August last year, life insurers were due to pay Rs 4.75 billion for 56,597 claims.
Similarly, non-life insurers have paid claims of Rs 3.99 billion till August of the current year. This payment is of 23,839 claims.
Last year, till August, non-life insurers had paid Rs 3.25 billion for 22,382 claims. The number of claims paid till August of the current year has increased by 6.51 percent and the amount paid has increased by 22.64 percent compared to the previous year.
Both the number of claims and the amount due to be paid by non-life insurers have increased. The number of claims that are yet to be paid till July of the current year has reached 1,05,449 and the amount of claims that are yet to be paid is Rs 40.95 billion. The number of claims and amount due to non-life insurers during the review period increased by 8.06 per cent and 40.06 per cent, respectively, as compared to the previous year. As of August last year, non-life insurers were yet to pay Rs 40.95 billion for 1,05,499 claims.
