Kathmandu. Shikhar Insurance Company has expedited the payment of insurance claims for the damages caused during the GenG agitation a month ago.

Of the damages to the company during the Genji agitation, 433 claims have been filed. A total of Rs 2.41 billion has been claimed from 433 people. Out of which the company has paid Rs 41,07,40,621 for 173 claims. The company said it will continue to expedite claim payment. It has said that 50 percent of the payment will be made within this week.

A total of 348 in Bagmati Province, 24 in Madhes, 14 in Lumbini, 26 in Sudurpaschim, 12 in Karnali Province, six in Koshi Province and three in Gandaki Province, according to the company.

Chief Executive Officer (CEO) Deep Prakash Pandey said that the company has expedited the claim payment process. He said that the timely claim payment of claims by the company has helped to increase the confidence of the insurance sector.

“There is no problem in the payment of insurance claims at Shikhar Insurance, the claim payment is being done on time,” said CEO Pandey, “This will incur a liability of Rs 360 million, if tax is exempted, it will be Rs 25 crore.” He said that if the tax is exempted, the company will be profitable next year as well. Even after he comes to the company to claim and brings all the documents, it takes some time to re-insure.

“The CIAA has directed the motor insurance companies to confirm in the police report the delay in the insurance claim process and to cancel the registration,” he said. ’

After submitting the documents to Nepal Re-Insurance, it takes some time to make the payment. Nepal Re-Insurance does not get claim payment without following the required process. “It may take time for restatement policies,” he said, “But if other relevant agencies cancel the documents on time, the payment will be made within 2-3 months.” ’

Not only vehicles, other private property of individuals, but government agencies and police offices have also been destroyed during the Jenji movement. In the meantime, the police have been making a report on time. In some cases, claims are also paid on the basis of documents provided by the local level.

Due to the damage caused by the Genji agitation of September 23 and 24, there will be a huge liability on the non-life insurance company, and everyone seems to be interested in how the companies manage it. However, the company says that there is no need to worry too much about this. Pandey says that even though the Genji movement has made a lot of claims, it will not make much difference to the company’s revenue.

The company’s Deputy General Manager and Company Secretary Suraj Rajbahak also emphasized on the same. According to Rajbahak, if the loss is Rs 1 billion, the company will have only Rs 3.5 crore. He urged the shareholders not to worry about it. According to him, the net worth has also increased this year compared to last year. Last year, the net worth of the company was 581. This year, it will reach more than 600.

The company’s net profit stood at Rs 45.51 crore in the same period last year. The profit increased by 2.22 percent compared to the same period last year. “We got Rs 36 crore. If we adjust it to PNN, we will get 30 percent tax and 10 percent bonus,” he said, “Next year we can earn 30-35 percent profit.” ’

The company believes that this incident will not only increase the liability of the company but also increase the business. The company’s earnings per share have not been very negative. The net worth of the company will increase from 581 to more than 600. The total capital of the company stood at Rs 2.92 billion as of mid-July 2018. He said that there is no need for shareholders and investors to panic as the index is in the company. Shikhar Insurance Company has been given a rating of ‘Double A Minus’ in the rating of the company some time ago.

With this, the company has been able to establish itself as a strong and safe insurance company. It is the only company to receive double A minus rating among the companies other than the government investment and foreign investment.

ICRA Nepal had analyzed the catastrophe reinsurance and best reinsurance and risk management, while Shikhar Insurance had analyzed the highest amount and the highest amount of catastrophe reinsurance in the insurance sector of Nepal.

The insurance company has been able to pay claims in the event of earthquake and flood due to the support of its reinsurers. In the past, the company has proved itself to be one of the best insurance companies in the non-life insurance sector of Nepal by speedy settlement of claims related to earthquakes, floods, landslides and riots. The company has paid Rs 1.10 billion in claims of floods in September 2081 and a claim of Rs 815.2 million.

Awareness about insurance is increasing in Nepal. Although the private sector understands the importance of insurance, the government agencies are yet to understand it. Natural disasters like floods and landslides are causing loss of life and property. As such losses increase, the common man is learning the lesson that his property should be insured. Many people have learned a lot about insurance from the damage caused by the Genji movement.

Now the company is giving advances to those who were destroyed during the Genji movement. The company has also said that it will provide an advance to reconstruct the damaged property and later pay the insurance claim.