Insurance claim payments reach Rs 13.68 billion in two months, life insurers' pending claims double
By the end of Bhadra of the current fiscal year 2083/84, insurance companies have paid a total of Rs 13.68 billion in claims. Life insurers' pending claim amount surged by 104.25% to Rs 9.71 billion. Non-life insurers' pending claims also rose by 40.06%.
Kathmandu. By the end of Bhadra, the second month of the current fiscal year 2083/84, insurance companies have paid claims totaling Rs 13.68 billion. According to data published by the Nepal Insurance Authority (Insurance Authority), this payment includes both life and non-life insurers.
Performance of Life Insurers
Life insurers have paid Rs 9.69 billion in claims during the review period, covering 49,773 claims. By the end of Bhadra of the previous fiscal year 2082/83, life insurers had paid Rs 8.26 billion for 43,363 claims.
Compared to the previous year, the number of claims paid by life insurers increased by 14.78% and the amount by 17.25% by the end of Bhadra of the current year.
However, both the number and amount of pending claims of life insurers have increased dramatically. By the end of Bhadra of the current year, the number of pending claims reached 121,644, and the pending claim amount stood at Rs 9.71 billion.
Compared to the previous year, during the review period, the number of pending claims of life insurers increased by 114.93% and the amount by 104.25%. By the end of Bhadra of the previous year, life insurers had 56,597 pending claims amounting to Rs 4.75 billion.
Performance of Non-Life Insurers
Similarly, non-life insurers have paid Rs 3.99 billion in claims by the end of Bhadra of the current year. This payment covers 23,839 claims.
By the end of Bhadra of the previous year, non-life insurers had paid Rs 3.25 billion for 22,382 claims. Compared to the previous year, by the end of Bhadra of the current year, the number of claims paid increased by 6.51% and the payment amount by 22.64%.
Both the number and amount of pending claims of non-life insurers have increased. By the end of Shrawan of the current year, the number of pending claims reached 105,449, and the pending claim amount stood at Rs 40.95 billion.
Compared to the previous year, during the review period, the number of pending claims of non-life insurers increased by 8.06% and the amount by 40.06%. By the end of Bhadra of the previous year, non-life insurers had 105,499 pending claims amounting to Rs 40.95 billion.