Insurance Claim Settlements Cross Rs 6.78 Billion in Shrawan, But Pending Liabilities Surge
According to the latest data from the Nepal Insurance Authority, insurance companies settled claims exceeding Rs 6.78 billion in the first month (Shrawan) of the current fiscal year. While life insurance payouts saw an increase, the total amount of unsettled (pending) claims surged substantially across both life and non-life sectors.
Kathmandu. Insurance companies disbursed a total of Rs 6.78 billion (Rs 6,783.9 million) in claim settlements during the first month (Shrawan) of the current fiscal year. According to data released by the Nepal Insurance Authority, significant payouts were made across both the life and non-life insurance sectors during this period.
In the life insurance segment, Rs 5.47 billion was disbursed across 28,121 claims during the review month. In the corresponding period of the previous fiscal year, Rs 5.09 billion was paid out for 28,059 claims. Compared to the previous year, settled claim counts increased by 0.22%, while total claim amounts rose by 7.36%.
Similarly, non-life insurers settled 10,969 claims totaling Rs 1.31 billion in Shrawan. In the same month of the previous year, non-life insurers paid Rs 1.65 billion across 10,470 claims. Year-on-year, while the number of settled claims rose by 4.77%, the total payout amount dropped by 20.66%.
Due to a sluggish settlement pace, pending claim liabilities grew rapidly in both sectors:
- Life Insurance Unsettled Claims: The number of pending claims reached 125,630, with unsettled liabilities standing at Rs 10.14 billion. This represents an increase of 118.10% in claim volume and 120.56% in claim amount compared to last year (when 57,603 claims worth Rs 4.60 billion remained unpaid).
- Non-Life Insurance Unsettled Claims: Pending claims stood at 110,650, amounting to Rs 41.78 billion. This marks a 9.65% rise in claim volume and a 60% increase in total amount compared to last year (when 100,908 claims worth Rs 26.11 billion were pending).