Citizen Life Insurance CEO Urges Comprehensive Insurance Coverage to Stem Poverty Impact

Citizen Life Insurance (CLI)'s CEO, Mr. Poshak Raj Paudel, highlighted the annual impact of 500,000 people falling below the poverty line due to health expenses.

Speaking at the 'Bagmati Province Sakos Summit,' he presented a working paper on 'Member Security in Cooperatives: Insurance for Risk Transfer.' Paudel emphasized the need for risk transfer at every stage to prevent the adverse effects on development expenses.

He stressed the importance of insurance for all, citing the government's shift away from pension and social security allowance payments. Paudel explained that insurance, which currently sees 6 institutional sales and 90 percent through agents in Nepal, is crucial for preventing poverty, and corruption, and protecting against property damage.

Krishna Kumar Shrestha, CEO of Chandragiri Saccos, endorsed the necessity of insurance in all sectors for risk reduction and transfer, emphasizing the cooperative's role in providing comprehensive services. He suggested exploring new insurance products and connecting the cooperative relief fund with insurance to benefit more members.