Insurance Companies Directed to Expedite Claims Settlement for Damage Caused by Floods and Landslides

Suryaprasad Silwal, Chairman of the Nepal Insurance Authority, has instructed insurance companies to expedite the settlement of claims for damage caused to citizens' homes, properties, and structures by the recent floods and landslides. He issued this directive during a discussion held at the Nepal Insurance Authority with the Chief Executive Officers of non-life insurance companies to simplify the insurance claims process.

Call for Faster Claim Settlement:
Chairman Silwal emphasized that insurance companies must settle claims quickly and remove the misconception that "insurance companies do not settle claims."

Simplified Claims Process:
In light of the exceptional circumstances caused by floods and landslides, the usual required documents (such as police reports and recommendations from relevant authorities) will not be mandatory. The list of necessary documents will be shortened, and insurance surveyors will be instructed to submit their reports within the stipulated time frame.

Increase in Insurance Claims:
It was reported that claims related to hydropower companies, warehouses, shops, vehicles, and motorcycles have surged following the recent floods and landslides.

Request from Insurance Companies:
Insurance companies requested the authority to simplify the claims process by accepting minimal documentation, speed up the issuance of survey reports, and facilitate claim settlements under these special circumstances.

The event was attended by directors of the Nepal Insurance Authority, including Sushildev Subedi, Poojan Dhungel, and the CEOs of non-life insurance companies.