Insurance Claims from Genz Protests Reach Rs 23.21 Billion; Payouts Near Rs 2 Billion
Insurance companies in Nepal have received claims exceeding Rs 23 billion following the Genz protests, according to the Insurance Authority. As of mid-Ashoj, only around Rs 1.95 billion has been settled, with property insurance accounting for the majority of claims.
Following the widespread damages during the Genz protests, Nepal’s insurance sector is facing an unprecedented volume of claims totaling Rs 23.21 billion, according to the Insurance Authority’s latest data (as of Ashoj 28, 2082).
The report shows that 18 non-life insurance companies — including 14 general insurers and 4 micro non-life firms — have received a total of 3,163 claims. Of this, companies have so far settled Rs 1.95 billion, primarily as advance payments.
Major Insurance Companies Affected
Siddhartha Premier Insurance tops the list with Rs 5.48 billion in claims from 394 cases, of which Rs 780.8 million has been paid. A large portion of this stems from Bhattarai Supermarket’s major loss.
The Oriental Insurance follows with Rs 5.24 billion in claims (98 cases) but has paid only Rs 7.1 million so far.
IGI Prudential Insurance faces Rs 2.79 billion in claims from 215 cases, while Shikhar Insurance has Rs 2.41 billion from 433 cases.
Other affected companies include Sagarmatha Lumbini (Rs 1.59 billion), Neco Insurance (Rs 1.15 billion), and Himalayan Everest (Rs 986 million) among others.
Some insurers like National Insurance and Star Micro Insurance have yet to make any claim payments.
Claim Breakdown by Type
The majority of claims — Rs 19.71 billion (673 cases) — fall under property insurance, where only Rs 1.55 billion has been settled so far.
Motor insurance saw the largest number of cases (2,256 claims) but a lower total claim amount of Rs 3.44 billion, with Rs 362.5 million paid.
Engineering, transport, and other smaller categories combined account for less than Rs 1 billion in claims.
Regional Distribution
Bagmati Province leads with 1,706 claims worth Rs 17.59 billion.
Koshi Province follows with Rs 2.36 billion (394 claims), while Gandaki has Rs 1.71 billion (213 claims).
Other provinces — Madhesh, Lumbini, Karnali, and Sudurpaschim — collectively account for around Rs 1.6 billion.
Market observers believe the slow pace of claim settlement could affect the liquidity and profitability of insurers in Q2 FY2082/83, though reinsurance recoveries from global partners may cushion part of the losses.