Non-Life Insurance Business Association commits to swift payment of protest damage claims

KATHMANDU: Nepal Non-Life Insurance Business Association has said it is committed to bringing the claims-payment process for damages incurred during the protests to a swift conclusion. It has urged insured parties to submit accurate details of damage to vehicles and physical structures to the relevant authorities to move the process forward.

In its statement, the association said that, in the current situation where the importance of insurance has increased further, insurance companies are fulfilling their social responsibility and rapidly advancing the necessary processes for compensation of the insured. It made clear it will expedite evaluation of damages to insured property and, based on the damage report, bring the claims-payment process to a speedy conclusion.

In a press statement, the association has offered heartfelt condolences to those who lost their lives during the protests across the country, expressing deep sympathy to affected families and wishing the injured a speedy recovery.

It also voiced sorrow over damage to physical structures, including the President’s Office, the parliament building, security agencies, administrative offices, private property, industries, businesses and transport during the protests, and called on subordinate bodies to prioritise claims payments at this time of crisis.

Association President Rajendra Malla has appealed to insured parties to submit the necessary documents and details of their damage to their insurance company promptly to facilitate the claims-payment process.

He said that, given experiences following the 2015 earthquake and the Covid19 pandemic, which emphasised the need and utility of insurance, the current proactiveness of insurance companies appears positive and promising.