11.82 billion claims made for insurance

Kathmandu, Nov 19: Insurance claim worth Rs 11.82 billion has been made for reimbursement for the loss caused by the monsoon-induced disasters that occurred on September 27 and 28.    
According to Nepal Insurance Authority, 610.79 million was paid to the victims for the loss till mid-November by assessing the loss.   

 
The Authority shared that 3,418 applications have been received claiming the insurance amount.    

Siddhartha Premier Insurance Company has received the highest amount of claims. The Company has registered 501 claims.    

Likewise, The Oriental Insurance Company got 176 applications, 377 for Sagarmatha Lumbini Insurance Company, 243 for Himalayan Everest Insurance Company and 219 for NECO Insurance for the claims after the monsoon-induced disasters.    

Similarly, 323 applications were received for United Ajod, 217 for Sanima GIC and 296 for IGI Prudential, the Authority said. 

   
The claims are from other insurance companies too including National Insurance, ALG, Nepal Insurance, Rastriya Beema Company, Star Micro Insurance, Trust Insurance, Nepal Micro Insurance and Protective Micro Insurance.    

According to Authority, 902 claims were reimbursed.    
It is said that insurance of Rs 8.75 billion was claimed but the payment was made only of Rs 467 million.    

Three hundred and four claims have been registered towards engineering and contractor risk.

The hydropower projects were particularly suffered the damage from landslide and floods. The entrepreneurs have also called attention of the Ministry of Energy, Water Resources and Irrigation as well for the payment of claims under this heading, as most of the electricity projects have purchased insurance policy under this heading.    

Among the insurance claims made so far, payments of 38 claims worth only Rs 31 million 128 thousand and 555 have been made.    

Out of the 887 claims for motor insurance towards the private sector, payment has been made for 280 claims worth Rs 61 million 697 thousand and 587, the Authority said. Similarly, out of the 350 claims of motor insurance towards the public sector, the payment of Rs 430 million 2 thousand and 177 has been made for 91 claims.    

There were 51 claims towards the livestock insurance and payment of Rs 2 million 492 thousand and 854 only has been made for 21 claims. Livestock including cattle in significant numbers perished or went missing due to the floods and landslides.   

 
Likewise, out of the 22 sea insurance claims, payment has been made for two claims.    

There were 131 claims towards the crop insurance and of these payments have been made for 65 claims. Towards 20 miscellaneous insurance claims, payment has been made for seven claims.    

According to the Authority, 251 insurance claims have been made in Koshi province, 101 claims in Madhes province, 2968 claims in Bagmati, 33 claims in Gandaki, 48 in Lumbini, eight in Karnali and 10 in Sudurpaschim province.   (RSS)