KATHMANDU: Insurance companies have paid more than Rs 5 billion in claims for damages incurred during the Gen-Z movement on September 9, according to the Nepal Insurance Authority.
Out of a total of 3,303 insurance claims filed with insurers, the total claimed amount stands at around Rs 23.45 billion. Of this, insurance companies have so far paid approximately Rs 5.18 billion to insured parties, including advance payments.
Based on updated data received from 14 non-life insurance companies and four micro non-life insurance companies, payments have been made across multiple insurance categories.
Under property insurance, around Rs 3.82 billion has been paid against 710 claims with a total claimed amount of approximately Rs 19.02 billion. Similarly, under motor insurance, insurers have paid about Rs 1.22 billion against 2,311 claims totaling nearly Rs 3.47 billion.
In addition, around Rs 75 million has been paid against 225 claims under engineering and contract risk insurance, where the total claimed amount is about Rs 554.7 million. Under transport insurance, approximately Rs 155 million has been paid against 12 claims amounting to Rs 16.9 million.
Likewise, under other insurance categories, insurers have paid around Rs 55 million against 45 claims with a total claimed amount of nearly Rs 384 million, including advance payments.
Reinsurance claims exceed Rs 3 billion
Meanwhile, Nepal Reinsurance Company has paid around Rs 3.02 billion in reinsurance claims, including advance payments, related to physical and other damages caused during the Gen-Z movement.
According to Nepal Insurance Authority spokesperson Sushil Dev Subedi, a total of 2,862 reinsurance claims filed by 14 non-life insurance companies have been registered with Nepal Reinsurance Company, with the total claimed amount reaching approximately Rs 16.62 billion.
The authority said claim settlement is ongoing, with insurers and the reinsurer continuing to process remaining claims based on verification and assessment procedures.
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