Nepal Insurance Authority issues Rasuwa flood claim settlement procedure
Summary
The Nepal Insurance Authority has introduced a simplified claim-settlement procedure for policyholders affected by the Bhotekoshi flood in Rasuwa, allowing insurers to process claims of up to Rs. 500,000 without appointing a surveyor. Flood-related insurance claims have already reached about Rs. 21 billion, with 18 insurers receiving 2,180 claims as of September 28.
Key Points
- The Nepal Insurance Authority has issued a special procedure to speed up insurance claim settlement for flood-affected policyholders in Rasuwa.
- Insurers can now settle technically uncomplicated claims of up to Rs. 500,000 without appointing a surveyor and may use photos, videos, digital records and other evidence.
- The Authority has waived the usual claim-filing deadline for Rasuwa flood victims and allowed advance payments of up to 50 per cent of the estimated claim amount.
- Insurance companies have received claims worth about Rs. 20.99 billion from the Bhotekoshi and Trishuli flood disasters, but have paid only Rs. 6.748 million so far.
