Kathmandu. KATHMANDU: Chairperson of Nepal Insurance Authority (NEA), Chandrakala Poudel, has pointed out three major challenges to expand insurance coverage.TAG_CLOSE_b_5 In a message on the occasion of the 58th anniversary of the Authority, President Poudel pointed out the traditional thinking, lack of appropriate environment and public grievance management as the challenges to expand access to insurance.
In his message, although 50 percent of the total population is included in the insurance coverage, the challenge of making insurance simple, accessible and accessible remains. She also stressed on changing the traditional mindset towards considering insurance only as a means to receive bonus, to make the insurance service technology-friendly and inclusive and to win the trust of the citizens by addressing the public grievances immediately.
According to Poudel, 50.31 percent of the country’s population has been covered by the insurance as of mid-April of the current fiscal year.TAG_OPEN_p_9 According to him, the increase in the ratio of insurance premium to the country’s gross domestic product (GDP) would prove that the contribution of insurance sector to the country’s economy has been consolidated.
Chairman Poudel claimed that the authority, as a regulatory body, was playing an active role to make the insurance business systematic, regulated and transparent.TAG_OPEN_p_8 According to him, NEA has been working to ensure quality and reliable insurance service through healthy competition, prioritizing the protection of the rights and interests of the insured and strengthening the financial condition of the insurance companies.
In order to increase the access of insurance to the rural and lower strata, the Authority has emphasized on the need of conducting insurance awareness programs in coordination with all three tiers of government and various agencies, encouraging insurance companies to make arrangements for insurance and payment through digital means and issuing new and contemporary insurance policies as per the needs of the citizens.TAG_OPEN_p_7
President Poudel pledged that the NEA would be active to establish insurance as a strong financial tool of economic security and increase its contribution to the economic development of the country.TAG_OPEN_p_6
