A year after the Gen-Z movement, insurance companies have paid only Rs. 7.62 billion against claims worth Rs. 23.53 billion filed for damage to physical infrastructure during the protests.

According to the Insurance Authority of Nepal, insurance companies received a total of 3,664 claims related to damages from the demonstrations held on Bhadra 23 and Bhadra 24.

While the total value of claims filed stands at Rs. 23.53 billion, the Authority estimates that the actual claim amount after assessment will be around Rs. 15 billion. Of this estimated amount, around Rs. 8 billion has been paid, leaving approximately Rs. 7 billion pending.

Insurance companies and the regulator have said that a significant number of smaller claims have already been settled. However, payments involving large-value claims have taken longer because of surveyor assessments, documentation requirements and disputes over the amount of losses.

Major businesses whose insurance payments are still pending include Hilton Hotel, Bhatbhateni, some automobile showrooms and warehouses. In several cases, surveyor reports for major losses have not yet been finalized.

An official of the Insurance Authority said that only a relatively small number of claims now remain, but these represent large amounts. The Authority has been instructing insurance and reinsurance companies to speed up the settlement process.

Insurance Authority Information Officer Purna Thapa said the regulator has already introduced a simplified procedure aimed at making the insurance claim process faster and easier. Pending payments may also be linked to claims that have not yet been formally submitted, incomplete surveyor assessments and cases under legal consideration.

The property insurance segment has recorded the largest payouts so far. It has paid around Rs. 5.31 billion from 721 claims, which had a total filed value of Rs. 19.12 billion. Property insurance covers houses, apartments and other fixed assets.

Motor insurance follows with payouts of around Rs. 2.5 billion. Contractor and engineering insurance has paid Rs. 139.9 million, while transit insurance has paid Rs. 17 million and other insurance categories have paid Rs. 94.1 million.

Around 70 percent of the claims related to physical infrastructure damage from the demonstrations fall under property insurance. Bagmati Province has reported the highest level of damage.

The private sector, however, has raised concerns over the pace of insurance settlements. Nepal Chamber of Commerce President Kamlesh Kumar Agrawal said delays may not necessarily be intentional but can occur because of missing documents and other procedural requirements. He emphasized the need for insurers to make the settlement process as quick as possible.

Meanwhile, insurance claims related to the Bhotekoshi floods have reached Rs. 25.87 billion based on preliminary claims received by the Insurance Authority as of last week.

Engineering and contractor insurance accounts for the largest share of these claims, with 52 claims worth around Rs. 20.5 billion. Property insurance has recorded 113 claims worth Rs. 2.34 billion, while motor insurance has received 313 claims worth Rs. 1.56 billion.

The Authority has also received 47 transit insurance claims worth Rs. 897.7 million, claims worth around Rs. 529.2 million under other insurance categories and four health insurance claims worth Rs. 41.6 million.

The Authority has cautioned that the Bhotekoshi figures are preliminary claims meaning the final losses and insurance liabilities could change after detailed assessment.