Kathmandu. The Ministry of Finance has prepared a financial sector development strategy.
The fiscal year 2082 released by the Ministry of Finance. The 83-2086-87 Strategy Report also includes a financial strategy related to insurance. These include development and expansion of the insurance sector, increasing investment by mobilizing capital, systematizing insurance claim payment system, expanding access to insurance, expanding insurance literacy program, protecting the rights and interests of the insured, enhancing regulatory and supervisory capacity, maintaining stability in the insurance sector through the adoption of latest international practices and updating the laws related to insurance in a timely manner. There are.
The strategy report also points out the problems and challenges of the insurance business. According to the report, the level of public awareness about insurance is weak even after 8 decades of the introduction of the insurance business. The report concluded that the process of premium collection and claim is still cumbersome and opaque.
In the absence of an effective mechanism, controlling anomalies such as multi-insuring of one property and taking fraudulent claim payments, bringing the risks of natural disasters created by global climate change under the ambit of insurance and fully implementing a risk-based supervision system are the challenges, the report states.
Here are the financial strategies of the insurance sector
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beema karyaneeti
