Nepal Insurers' Association (NIA) has filed a writ petition against the government in the country's supreme court for not settling the payments due to the insurers for the COVID-19 claims incurred in 2020-21. NIA has sought the highest court's intervention to make the government liable to pay the insured amounts. NIA is the umbrella organisation of country's non-life insurers.
Non-life insurers have agreed to resume farm insurance business after the government gave them its commitment to settle NPR970m ($7.3m) in premium subsidy arrears as soon as possible.
The World Bank's board of executive directors has approved an $80m development policy credit for Nepal to strengthen the stability of the financial sector, including the insurance industry.
An earthquake model and sovereign risk transfer instrument are under development in Nepal and will be rolled out in 2024. Flood models are also being worked on, according to the UNDP which leads the Insurance and Risk Finance Facility (IRFF), a global initiative working with governments and the insurance industry, to put financial resilience at the heart of sustainable development.
The UN Development Programme (UNDP) yesterday launched its Insurance and Risk Finance Initiative in Nepal to prioritise financial resilience by tapping into the benefits of insurance and risk financing mechanisms.
The Nepal Insurance Authority (NIA) has announced its decision to double the paid-up capital of reinsurers in the country to NPR20bn ($150m).
Privately-held Himalayan Re-Insurance has been approved by the IRDAI to carry out reinsurance business from India.
The Nepal Insurers' Association (NIA) has asked domestic reinsurers to restore the previous year's reinsurance commission rates, failing which it would stop providing them business under mandatory direct cession.
The Nepal Insurance Authority (NIA) has stepped up efforts to force the mergers of insurance companies that failed to meet the regulator's directive to increase their capital.
The 8th Asia Trusted Life Agents & Advisers Awards (ATLAA) concluded yesterday evening, celebrating 16 winners recognised for their outstanding contributions and performance.