The Nepalese insurance regulator the Nepal Insurance Authority has commenced the publication of the industry's data and other statistics on a monthly basis.
A news story published in Nepalese online insurance news portal www.insurancekhabar.com said the industry statistics published on a monthly basis will also have an analysis of the main statistics of the insurance sector.
Nepal Insurance Authority chairman Sharad Ojha said that the analytical data version of the insurance sector has been started on a monthly basis with the expectation of preparing the basis for transparency, accountability and policy formulation of the insurance sector.
Mr Ojha said the analytical data of the insurance sector would provide comprehensive information about the insurance sector to the insurers, policy makers, researchers and the general public and its regular publication would also help in identifying the progress made in the insurance sector, existing challenges and policy needs.
The report said the monthly statistics edition of the current financial year includes the number of insurance policies issued during this period, collection of insurance fees, claim payment details, dedication and expenditure details, number of branch offices and employees of the insurer, investment statement of the insurer, total number of insurance, collection of insurance fees and solvency ratio.
It will also carry a record of the main achievements, including the works carried out by the Nepal Insurance Authority in the current financial year. This would include a record of regulatory activities, registration and disposal of claim complaints, on-site inspection of insurers, anti-money laundering works and approval of insurance policies.