Most quake survivors got insurance amount for losses; claims Insurance Board

Kathmandu, 17: Most of the people affected by April 25 earthquake and aftershocks, who had claimed insurance, have availed of the service, the Insurance Board said. 

The board stated total around Rs 90 million has been released under life insurance, which is 95 percent of all the claims made so far. 

Likewise, 75 per cent of the insurance amount under non-life insurance has also been released, it said, adding that the total 17,413 people who were affected by the quake submitted applications, claiming insurance amounts for the losses of around Rs 18 billion in total. 

Out of it, 16 insurance companies have released a total of around Rs 7.59 billion, the board said. It also added that of the total losses caused by the quake, the affected cannot claim 20 per cent of the insurance amount. 

Meanwhile, the board has proposed increasing their capital by the insurance companies for making them efficient and capable, saying the existing authorised capital of the insurance companies was inadequate. 

Out of the 26 insurance companies in operation, 17 are offer non-life insurance policies and the rest offer life insurance schemes.