Nepal Insurance Authority

The Nepal Insurance Authority (NIA) is amending its 'Claim Payment Guideline, 2081 BS' to make it more timely, practical, and effective. The authority is requesting suggestions from stakeholders, including the public, insurers, reinsurers, surveyors, and agents, on proposed changes to the guidelines. Submissions can be made at the NIA office in Lalitpur or via email within 15 days.

The insurance sector in Nepal is grappling with significant challenges, primarily concerning the delay and opacity in claim payment processes, according to research and reports from the Nepal Insurance Authority. While the potential for the market is high, the reliance on traditional, paper-based systems and a lack of financial literacy among customers contribute to prolonged claim settlements. Experts emphasize the essential role of technology adoption for faster, transparent claim payments to build customer trust and strengthen the industry.

Lumbini Province's government plans to prioritize production, employment, and infrastructure development in its upcoming budget for the fiscal year 2083/84. Minister for Economic Affairs Dhanendra Karki presented the budget's principles and priorities, emphasizing objective, feasible, and result-oriented outcomes despite resource limitations. The budget aims to boost the economy through increased production and productivity in key sectors and create employment opportunities via skill development and innovation programs.

Non-life insurance companies in Nepal have collectively achieved over Rs 40 billion in business by mid-April of the current fiscal year, marking a 14.81 percent increase compared to the previous year. All 14 non-life insurers have reported business growth, with Himalayan Everest Insurance and NLG Insurance leading in this regard.

Member of Parliament Harka Sampang and his Shram Sanskriti Party are facing public scrutiny and demands for financial audits regarding non-transparent QR code-driven donations for party activities and projects. Separately, six non-life insurance companies have been fined by the Nepal Insurance Authority for misappropriation related to insurance policies for the Kathmandu-Tarai Madhesh Fast Track Project.

Life insurance companies in Nepal significantly increased their investments in listed securities by nearly 40% in the first nine months of the current fiscal year, reaching Rs 46.11 billion. This surge represents a substantial rise from Rs 33.07 billion invested during the same period last year, according to the Nepal Insurance Authority.