Nepal's Health Insurance Reform Suggestion Task Force has recommended that the government employees and the employees working in the private organised sector pay 1% of their annual salary to the health insurance fund and an equal amount is paid by the employer.
Nepalese people affected by the devastating floods and consequential landslides that followed incessant rains in the country on 26 September 2024 have filed insurance claims worth NPR12.87bn for damages caused by the natural catastrophic events.
Nepal Insurance Authority (NIA) plans to tighten the procedure for purchase and construction of real estate for office purposes by insurance companies. The Authority recently released the draft regulation 'Insurance Company's Fixed Asset Purchase Directive, 2081 BS for public feedback and suggestions.
UIB Group, one of the world's largest privately-owned independent international insurance and reinsurance brokers, has achieved a major milestone in its Asian growth strategy with the official opening of a new representative office in Kathmandu, the capital of Nepal.
Less than 1% of insurance claims for damage caused by floods and landslides have been paid out to date, according to data from the Nepal Insurance Authority (NIA).
Floods and landslides triggered by recent heavy rainfall last week have caused losses of at least NPR16.5bn ($123m) across Nepal, according to Mr Eaknarayan Aryal, chief secretary of the Government of Nepal.
Nepal Insurers' Association (NIA) has filed a writ petition against the government in the country's supreme court for not settling the payments due to the insurers for the COVID-19 claims incurred in 2020-21. NIA has sought the highest court's intervention to make the government liable to pay the insured amounts. NIA is the umbrella organisation of country's non-life insurers.
Non-life insurers have agreed to resume farm insurance business after the government gave them its commitment to settle NPR970m ($7.3m) in premium subsidy arrears as soon as possible.
The World Bank's board of executive directors has approved an $80m development policy credit for Nepal to strengthen the stability of the financial sector, including the insurance industry.
An earthquake model and sovereign risk transfer instrument are under development in Nepal and will be rolled out in 2024. Flood models are also being worked on, according to the UNDP which leads the Insurance and Risk Finance Facility (IRFF), a global initiative working with governments and the insurance industry, to put financial resilience at the heart of sustainable development.