Bhote Koshi & Trishuli Floods: Insurance Claims Cross NPR 21 Billion, Only 1.13% Disbursed So Far
Insurance claims following the devastating floods in the Bhote Koshi and Trishuli rivers have exceeded **NPR 20.90 billion**, with only **1.13%** settled so far. According to data from the **Nepal Insurance Authority** as of October 14 (Asoj 28), 18 non-life and micro-insurance companies received a total of **2,427 claims**. The regulator has implemented a fast-track procedure to expedite the remaining payouts.
Following the devastating floods in the Bhote Koshi and Trishuli rivers on August 26 (Bhadra 10), initial insurance claims submitted to non-life insurers have reached NPR 20.90 billion (NPR 20,90,00,45,000). Data released by the Nepal Insurance Authority up to October 14 (Asoj 28) shows that 2,427 claims were filed across 18 non-life and micro-insurance companies.
However, settlement progress remains minimal, with insurers disbursing just NPR 235.25 million (NPR 23,52,58,000), accounting for a mere 1.13% of total claims. A staggering NPR 20.66 billion (NPR 20,66,47,87,000), or 98.87% of total claims, remains pending settlement.
The claim breakdown across six major insurance categories is as follows:
- Property Insurance: 572 claims totaling NPR 9.57 billion (NPR 95,719.87 lakh) in estimated losses, with NPR 86.28 million (NPR 862.83 lakh) disbursed.
- Engineering and Contractor's Risk Insurance: 174 claims totaling NPR 4.40 billion (NPR 43,972.58 lakh), with NPR 3.00 million (NPR 30.00 lakh) disbursed.
- Motor Insurance: Highest volume with 1,068 claims totaling NPR 2.85 billion (NPR 28,500.34 lakh), with NPR 60.07 million (NPR 600.74 lakh) disbursed.
- Transit/Marine Insurance: 106 claims totaling NPR 2.34 billion (NPR 23,405.91 lakh), with NPR 78.27 million (NPR 782.72 lakh) disbursed.
- Other Insurance: 455 claims totaling NPR 1.50 billion (NPR 15,010.32 lakh), with NPR 7.63 million (NPR 76.30 lakh) disbursed.
- Health Insurance: 52 claims totaling NPR 239.14 million (NPR 2,391.44 lakh), with NPR 0.00 disbursed to date.
The Nepal Insurance Authority noted that preliminary claim estimates are subject to revision following final loss assessments by surveyors. To prevent settlement delays, the regulator has already enforced the 'Rasuwa Flood Claim Settlement Short Procedure 2083'.