Kathmandu. The year 2082 was a big challenge for the insurance sector. There was a huge loss of insured property, especially from natural disasters, agitations and riots.
The floods and landslides caused by the heavy rain on October 1 had caused a huge loss of property. The Nepal Insurance Authority (NEA) has issued an updated notice only till January 30 regarding the damage caused by the floods and landslides. According to NEA, the floods and landslides have damaged the insured property worth Rs 4.19 billion. The authority has not yet issued the latest information about the exact data of insurance claims paid by the insurance companies.
Similarly, there has been a huge loss of life and material in the Jenji movement on September 23 and 24 this year. The latest data of the NRA shows that insured property worth more than Rs 23.38 billion was damaged in the agitation that claimed the lives of 78 people. The company has paid claims of Rs 7.01 billion till March 12. However, the claim payment amount may still have increased.
Landlocked countries and political upheavals have been causing huge loss of life and property in Nepal every year. It seems that many people still do not have the awareness of insuring physical infrastructure. Therefore, the damage caused by natural disasters and agitations and mob riots may have resulted in the loss of large uninsured property.
In Nepal, the government agencies have not yet insured the physical infrastructures. After the Jenji movement, the then government has insured some vehicles. However, this does not seem to be enough.
