By A Staff Reporter
Kathmandu, Dec. 24: Chairman of the Nepal Insurance Board (NIB) Chiranjibi Chapagain has said that the reach of insurance has reached 25 per cent population from 7 per cent four years ago.
"The reach of insurance was about 7 per cent while I assumed the post of board's chairman. The reach was increased to 27 per cent including the foreign employment term insurance but the COVID-19 pandemic impacted its growth," he said while welcoming the newly elected working committee members of the Nepalese Association of Financial Journalists (NAFIJ) on Wednesday at his office in Kupondole, Lalitpur.
According to him, the board had put its efforts to get the Insurance Act ratified by the parliament, but the process was slow, and it could only reach the Cabinet. The Cabinet had once discussed about it and was about to send to the parliament. However, the recent political manoeuvres had pushed the law-making process uncertainty for a few months.
Chapagain's term to the post will be over after a couple of weeks.
According to him, he worked to enhance awareness about insurance and its reach. The NIB had established a Rs. 50 million training centre in collaboration with the insurance companies. Insurance sector employment has reached to 10,000 from erstwhile 2,000 while number of insurance agents has quadrupled.
Speaking on the board's media relations, he stated that dissemination of right information would benefit both the media and the regulator.