Flood Causes Billions in Insurance Claims in Nepal
Summary
A devastating flood in the Bhote Koshi and Trishuli rivers has triggered preliminary insurance claims worth NPR 25.87 billion across Nepal. Insurers say they will fast-track payments, while the Insurance Authority of Nepal is setting up special monitoring and surveyor arrangements.
Key Points
- Preliminary insurance claims worth NPR 25,873,579,000 have been filed with insurers after the Bhote Koshi and Trishuli flood disaster.
- Engineering and contractor risk insurance accounts for the largest share of claims, driven by damage to hydropower and infrastructure projects.
- Insurance company leaders say claim payments will not be a problem because risks are spread through reinsurance.
- The Insurance Authority of Nepal will streamline surveyor deployment and form a task force to monitor claims daily.
