Kathmandu: The Nepal Insurance Authority has directed insurance companies to settle claims related to damages from the heavy rainfall, floods, and landslides that occurred in the first week of October by December 10. The authority issued these instructions during a meeting with the CEOs of various insurance companies.

According to the authority, all claims should be processed and payments completed by December 10, with insurance companies expressing their commitment to meeting this deadline. Authority Chairperson Surya Silwal stated, “We have instructed all CEOs on Monday, and they are expected to settle payments within approximately one month. The response has been positive.”

Insurance companies have been instructed to leave pending only in cases of critical situations; otherwise, all due claims should be paid. Companies have already started verifying and processing payments. The Nepal Insurance Authority reports that total claims amount to NPR 10.53 billion, with 3,460 claims filed. As of November 5, NPR 471.1 million has been paid out, with Shikhar Insurance leading the way at NPR 251.9 million.

Breakdown of Payouts by Insurance Companies:

1. Siddhartha Premier Insurance: NPR 76.7 million
2. The Oriental Insurance: NPR 726,000
3. Shikhar Insurance: NPR 251.9 million
4. Neco Insurance: NPR 25.1 million
5. Himalayan Everest Insurance: NPR 35.5 million
6. Sagarmatha Lumbini Insurance: NPR 43.8 million
7. National Insurance: NPR 2.253 million
8. IGI Prudential: NPR 12.5 million
9. NLG Insurance: NPR 566,000
10. Nepal Insurance: NPR 9.877 million
11. Sanima GIC: NPR 7.825 million
12. Rastriya Beema Company: Zero
13. Prabhu Insurance: NPR 5.112 million
14. United Ajod Insurance: NPR 543,000
15. Star Microinsurance: NPR 26,000
16. Trust Microinsurance: Zero
17. Nepal Microinsurance: NPR 25,000
18. Protective Microinsurance: Zero

This proactive measure by the Nepal Insurance Authority aims to ensure timely support for individuals and businesses affected by the October disasters.