The Nepal Insurance Regulatory Authority issued instructions to all life, non-life, micro-insurance and reinsurance companies to facilitate claim payments for insured property, vehicles, goods and equipment damaged in industries and business activities affected by unusual circumstances arising from natural disasters. Firms are to assess losses immediately and settle claims promptly, and to provide advance payments of up to 50% of the estimated claim amount based on the initial assessment report. For motor insurance, insurers are to provide an advance of up to 50% of the estimated claim amount once the insured submits the necessary documents.
Nepal Insurance Regulatory Authority 2025-09-25
Nepal Insurance Regulatory Authority orders faster disaster-related claim settlements and up to 50% advance payments
The Nepal Insurance Regulatory Authority has directed all insurance companies to expedite claim payments for damages to property, vehicles, goods, and equipment due to natural disasters. Companies must assess losses immediately, settle claims promptly, and offer advance payments of up to 50% based on initial assessments. For motor insurance, a 50% advance is required upon submission of necessary documents.