Kathmandu: Insurance claims amounting to Rs 5 billion and 180 million have been disbursed to insured parties, addressing material and other damage claims incurred during the Gen-Z movement. In a recent press release, the Nepal Insurance Authority disclosed that from a total of 3,303 insurance claims filed with Non-life Insurance Company, claims worth Rs 23.45 billion were submitted, of which Rs 5.18 billion has already been settled.
According to National News Agency Nepal, the authority specified that approximately Rs 3.82 billion was allocated for property insurance claims, while motor insurance claims accounted for about Rs 1.22 billion. These payments also included Rs 75 million as advance payments for engineering and contract risk insurance, Rs 155 million for transport insurance, and Rs 550 million for other types of insurance.
Additionally, the Nepal Reinsurance Company has played a significant role in settling reinsurance claims. The company has disbursed an advance payment of around Rs 3.2 billion to Non-life Insurance Company, contributing to the management of insurance claims for material and other damages linked to the Gen-Z movement.
Nepal Reinsurance Company has been handling a total of 2,862 reinsurance claims from 14 distinct non-life insurance companies, with the total claim amount reaching approximately Rs 16.62 billion.