Gen Z Protest Compensation: Only 28% of Claims Settled in a Year
Of the insurance claims for property damage during last year's Gen Z protests in Bhadra, only 27.97 percent have been settled in a year. According to Nepal Reinsurance Company, compensation of Rs 6.56 billion was paid until Bhadra 31.
Kathmandu. Of the insurance claims for private property damage during the Gen Z protests and violent incidents on Bhadra 23 and 24 last year, only 27.97 percent compensation has been paid. Even after a year since the incident, the government-owned reinsurer Nepal Reinsurance Company (Nepal Re) has made this progress.
According to the company, compensation of Rs 6.56 billion was provided until Bhadra 31. Issuing a statement, the company said it has been continuously prioritizing the payment of claims under its reinsurance liability related to damage to insured properties.
The company clarified that the amount was paid based on documents and loss assessments received from insurers. As the claim payment process is ongoing, updated details will be made public from time to time.
During last year's protests, property worth Rs 84 billion was damaged. However, since not all damaged properties were insured for riot and terrorism, domestic insurers claimed compensation of only Rs 23.45 billion for insured properties.
The dispute over compensation for the loss of Rs 6 billion at the Hilton Hotel in Naxal is currently under consideration in court. In this dispute, Surendra Thapa, the chief executive officer of Nepal Re, has been suspended.
In Nepal, Nepal Re has been managing the entire burden of insurance for riot and terrorism risks. For this, a riot and terrorism risk pool has also been operated under Nepal Re's management. Premiums collected from insurers are deposited in this pool, managed by Nepal Re, and payments are made from this pool's fund at the time of compensation claims.
Pujan Dhungel Adhikari, spokesperson for the Insurance Authority, said that there is continuous coordination between Nepal Re and non-life and life insurers regarding the payment of insurance claims for damages during last year's Bhadra riots.
"After insuring, all insured parties should receive claim payments on time," she said. "The Authority has taken an interest in this matter. They are also making every effort to provide claim payments to the insured. Perhaps all insured parties will receive payment soon."