Nepal: Quarter of 2015 quake claims remains unresolved
Source: Asia Insurance Review | Apr 2017
Non-life insurance companies have yet to settle 24% of the claims arising out of the 2015 earthquakes.
While 16 non-life insurance companies have settled 94.7% of the claims in terms of number of claims from policyholders, the settlement in terms of monetary value stood at 76%, reported The Republica.
According to statistics compiled by Beema Samiti, the insurance regulator, non-life insurers have paid NPR12.81 billion (US$121 million) in compensation to settle 16,836 claims up to 11 February. Policyholders had made a total of 17,782 claims for losses totalling NPR16.85 billion. Of these, only 11,886 claims for physical damages totalling NPR16.28 billion were considered valid. The remaining 5,896 claims amounting to NPR570 million were considered ineligible for compensation by the insurers.
Mr Raju Raman Poudel, a director at the Beema Samiti, said: “The few remaining cases that are yet to be settled are related to damages to high-rise apartments and hydropower companies.”