Gen-Z movement in Nepal triggers record losses, biggest insurance claim in history
Kathmandu ((The Uttam Hindu): The recent Gen-G movement in Nepal caused massive property damage. This has led to the largest insurance claims ever recorded in Nepal's history. The total amount of these claims has reached approximately 21 billion Nepali rupees. According to data released on Thursday by the Nepal Insurance Authority (the regulator of the insurance sector), non-life insurance companies have received 1,984 claims from insured persons as of September 16, totaling 20.7 billion Nepali rupees.
Damage assessments are reportedly ongoing so claims are expected to rise further. The claims received by insurance companies so far exceed those received during the 2015 earthquake, when claims reached NPR 16.5 billion. According to the regulator, Nepal also launched an insurance scheme in 2020 to cover the risk of COVID-19 and insurance companies received claims totaling more than NPR 16 billion.
Oriental Insurance Company Limited, a branch of Indian Oriental Insurance, has received the highest number of claims as of September 16th, according to data released by the relevant authority. The company alone received claims totaling 5.14 billion Nepali rupees in 40 cases. Most of these claims reportedly came from the Hilton Kathmandu Hotel, which suffered the most damage during the protests.
Siddhartha Premier Insurance, Shikhar Insurance, IGI Prudential Insurance and Sagarmatha Lumbini also rank among the top five companies in terms of receiving the highest claim amounts. Some major commercial companies alone have reported losses exceeding 60 billion Nepali rupees, according to an official with the Confederation of Nepal Industries (CNI), a trade organization that collects information on damage to private sector properties.