Kathmandu. The preliminary data on the damage to insured property caused by the devastating Rasuwa floods has been found to be incorrect. This incorrect data has created a stir in the insurance sector.
The data released by the Nepal Insurance Authority yesterday was found to be erroneous. According to the data released by the authority, the floods in the Bhotekoshi and Trishuli rivers have caused damage to insured property worth Rs 25.87 billion. This is a total of 583 claims.
Damodar Bhandari, acting CEO of Nepal Reinsurance Company, said that the data released by the Insurance Authority on the initial damage of the Rasuwa floods was incorrect. “In particular, Oriental Insurance had sent an exposure of Rs 13 billion. But the authority understood that it was a loss,” he said, adding, “This has sent a bad message to the insurance sector.” Bhandari said that the initial damage of the Rasuwa floods was only around Rs 17.5 billion.
According to the data of the authority, the highest claim has been made in Oriental Insurance. This company has to pay Rs 13.03 billion for 8 insurance claims. However, this is a completely wrong figure.
The executive director of the NRA, Sushil Dev Subedi, has admitted that the data of the initial damage of the Rasuwa floods was incorrect. “In particular, the data of Oriental Insurance and United Ajod Insurance were published incorrectly,” he said.
Executive Director Subedi said that there was a difference of about Rs 8.5 billion. “The current initial loss is more than Rs 17.5 billion,” he said, “The NEA team is working to bring the correct data in the coming days.” ’
