NLG settles 43% of quake-related claims

KATHMANDU, Aug 19:

NLG Insurance Company has settled 526 claims out of 1,233 that it had received in the aftermath of the devastating earthquake. According to the company, it has settled 42.67 percent of the total number of claims borne out of property damages in the earthquake.

Organizing a press meet in Kathmandu on Wednesday, NLG's CEO Vijaya Bahadur Shah said that the company has already settled claims worth Rs 140 million. The insurance company said that it had received toal claims worth Rs 560 million.

"We have been giving priority to small claims through a simplified process as buyers of such policies will get a big relief after getting money from the insurer," Shah said. "Similarly for big claims, we are giving them advance amount, and assuring that such claims will be settled as soon as possible after completing necessary assessment and processes."

Shah also said that the company was settling five to seven claims in an average every day. He also claimed that the insurance company did not face severe loss in contrary to the initial projection.

Unaudited financial results of NLG shows the company earned net profit of Rs 162.4 million in Fiscal Year 2014/15, down from Rs 172.8 million of net profit in the previous fiscal year. The non-life insurer collected a total of Rs 990 million in insurance premium in the last fiscal year. The company has said that it transferred Rs 495.4 million of the total premium collected to reinsurance companies.

Malaysia-based Hannover Re, Singapore based Catlin Re, India based GIC Re and Thailand based Asian Re are some of the reinsurance partners of NLG Insurance.

Source: Republica