Beema Samiti directs insurers to expedite claims settlement

KATHMNADU, June 15:

Beema Samiti has directed non-life companies to expedite settlement of claims on quake-damaged assets and properties.

Organizing a press conference on Sunday, Beema Samiti Chairman Fatta Bahadur KC said it is a matter of shame that only around 2.07 percent of total claims worth Rs 14 billion has been settled till Friday. "Six non-life companies have settles less than one percent of claims. It is high time the insurance companies changed their attitude and behavior by being responsible," he added.

According to Beema Samiti -- the insurance sector regulator, claims settlement of six companies -- Himalayan General Insurance Company, United Insurance Company, Everest Insurance Company, Prabhu Insurance Company, Prudential Insurance Company and Rastriya Beema Company -- stand below 1 percent.

"If companies approach us seeking our help, we will deploy surveyors and help settle the claims," added KC.

Officials of all licensed life and non-life insurance companies were present in the press conference.

The insurance sector regulator has already asked the companies to pay advance payment to policyholders, saying that it will take time to prepare surveyors' report. "We will now ask the companies to furnish details of advanced payments made to such policyholders," added KC.

KC also said insurance companies and surveyors were involved in blame game instead of expediting claims settlement process.

While companies say claims settlement process has been affected because of the delay in preparation of surveyors' report, surveyors maintain that delay in collecting essential documents from policyholders and lack of engineers was affecting their work.

Speaking at the program, Bijay Bahadur Shah, chairman of Nepal Insurance Association, said more than 1,000 claims have been settled in the past six months. "Insurance companies are also paying advance claim. We will complete settlement within six months," Shah, who is also the CEO of NLG Insurance, said.

Requesting all to not put blame on them, Surya Prasad Joshi, chairman of Nepal Insurance Surveyors' Association, said they were preparing reports and submitting them to insurance companies every two to three days.

Source: Republica