Sagarmatha gets highest quake-related claims

JUN 15

Sagarmatha Insurance has received the highest insurance claims related to the earthquake. So far, the non-life insurer has received 2,234 claims worth Rs1.29 billion, according to the Insurance Board (IB).

Of the total claims, it settled only 113 worth Rs12.91 million (1 percent of the claims amount), while 13 claims were invalid.

Shikhar Insurance is in the second position, with 1,344 claims worth Rs1.27 billion. It is followed by Premier Insurance. Everest Insurance received claims worth Rs 270.2 million, the least.

Total earthquake-related claims received by insurers, including life and non-life insurers, stand at Rs 14.54 billion. Of them, only claims worth Rs348.81 million have so far been settled.

The non-life insurers have received claims worth Rs13.86 billion, out of which only Rs286.6 million has been settled.

The IB’s record shows fire insurance also includes house insurance, almost all earthquake damage related claims have come from those who had got insurance coverage under fire insurance. Claims for house insurance stand at Rs12.80 billion.

It means the share of engineering and vehicle insurance claims is worth Rs 766.5 million and Rs 198.9 million, respectively.

Similarly, out of life-insurers’ Rs71.69 million claims, they have so far settled the claims worth Rs62.21 million. Of the nine life-insurers, Nepal Life Insurance is the top receiver of the claims

(35 claims worth Rs20.1 million). Met Life received insurance claims 123 claims worth Rs19.4 million.

Claims received by Non-life insurers

Companies     No of claims     Amount

Sagarmatha Insurance    2,234        Rs 1,297 m

Shikhar Insurance    1,344        Rs 1,278 m

Premier Insurance (Nepal)    719        Rs 1,225 m

Siddhartha Insurance    1,464        Rs 1,209 m

Himalayan General Insurance    491        Rs 1,098 m

Nepal Insurance     1,342        Rs 1,050 m

Prabhu Insurance    918        Rs 1,038 m

Neco Insurance    1,290        Rs 959.7 m

Prudential Insurance    902        Rs 859.5 m

NLG Insurance    1,076        Rs 743.6 m

National Insurance    644        Rs 688 m

The Oriental Insurance    352        Rs 650 m    

Rastriya Beema Company    189        Rs 606 m    

United Insurance (Nepal)    575        Rs 493.8 m

Lumbini General Insurance    775        Rs 370 m

Everest Insurance    143        Rs 270.2 m

Source: The Kathmandu Post