Kathmandu. Finance Minister Dr. Swarnim Wagle has directed to make the payment of insurance claims in flood-affected areas simple and easy.

He said this while holding a high-level discussion at the Ministry of Finance on Monday on the status of insurance claims after the damage caused by the Rasuwa floods on August 26 and its simplified payment process.

“The country is in mourning due to the floods. Let everyone join hands in this difficult situation. Let the insurance companies apply ointment for the loss of the victims. Let us make the payment of claims easy and simple,” said Finance Minister Dr. Wagle said, “If the insurance companies have any problem and the government has to do something, then tell them. We are ready to help. ”

He also said that there is no alternative to all of them coming together in the difficult situation of the country. He also said that due to the unimaginable and tragic floods in the Bhotekoshi river, there has been a huge loss of life and property and a big impact on hydropower projects, public infrastructure and private property.

According to the preliminary data received till August 29, a total of 583 insurance claims have been received due to floods. The total estimated amount of these initial claims is Rs 25.87 billion. Today’s meeting has also decided to take steps towards various facilitation by giving high priority to the payment of claims for these big and initial damages.

In addition, it has been decided to adopt a faster payment system for small claims by simplifying the procedures to avoid delays in payment due to the paperwork process for speedy claim payment. The meeting also decided that it will take time to fully evaluate the major losses such as hydropower projects and big infrastructures, so the appropriate amount will be paid immediately to ease the cash flow of the insured.

In order to make the surveyor mobilization more efficient and transparent, the Insurance Authority of Nepal (NIA) has agreed to give blanket consent and make arrangements to automatically deploy surveyors through the system. The meeting also decided to form a ‘special taskforce’ at the Insurance Authority of Nepal to regularly monitor and facilitate the claim payment process.

Since the government has prioritized relief and rescue immediately after the disaster and the task force has already started working to prepare a framework for reconstruction of the damage, it is expected that the high priority and facilitation of claim payment from the insurance sector will provide relief to the affected people sooner.

The meeting was attended by Chairman, Directors of Nepal Insurance Authority, Executive Director, CEOs of various insurance and reinsurance companies and office-bearers of Surveyors’ Association.