Print Edition - 2015-06-12 | MONEY
Improve insurance claims settlement provisions: Expert
Jun 11, 2015-
World Claim Global Claims Management, an international alliance that assists insurers in loss recovery and expedite the claims settlement process, urged the need for improving provisions in the claims settlement process.
“Many of the country’s legal provisions in the sector fail to comply with the international standard,” said Guy Sayers, director of the alliance at an interaction organised by the Confederation of Nepalese Industries (CNI). “Due to the reason, the insurers have been unable to refund from the reinsurers at the time of present catastrophe.”
According to the Insurance Board, the non-life insurers following the earthquake have received 13,000 claims worth Rs13 billion. But very few of them have been settled so far.
Sayers said lack of understanding of the process has mainly delayed the payment of the insurance coverage. “Besides, low reserve with the insurers and limited insurance products could also have affected the claims settlement process,” said Sayers, adding the problem of underinsurance, on the other hand, has affected many insured.
CNI President Narendra Kumar Basnyat said the slow process of claims settlement had affected both the individuals and the business sectors adversely.
Published: 12-06-2015 07:54