Firms settle nearly 90% of earthquake claims in Nepal

June 9 2016 by InsuranceAsia News Staff

Nepal’s insurance regulator, Beema Samiti, revealed that 16 non-life insurance companies in the country have now settled 87.97% of insurance claims related to losses caused by the earthquakes last year.

The regulator said the firms have settled 15,625 claims out of 17,761 filed by clients who claimed for losses due to the earthquakes that rocked Nepal in 2015.

Shreeman Karki, director of Beema Samiti, said claims that are still pending are either due to disputes over the claim amounts or are companies awaiting reports from surveyors.

The regulator’s data showed that insurance claims worth NRs11.4 billion (US$107 million) had been settled out of the estimated NRs16.7 billion of total claims.

According to data, fire policies drew the highest claims, with insurers receiving a total of 15,175, worth an estimated NRs10.05 billion.

Among the country’s insurers affected, Nepal Insurance Company received the highest number of claims.

 

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