After the recent GenZ movement caused major property and vehicle damages, non-life insurance companies in Nepal have started settling claims. Out of the total claim amount of about Rs 23.46 billion filed so far, insurers have already paid around Rs 3.68 billion, including advance payments to affected clients.
According to the latest data from the Insurance Authority, property insurance claims are the largest. Out of 693 property-related claims worth Rs 19.04 billion, around Rs 2.92 billion has been paid so far.
Motor insurance has seen 2,290 claims worth around Rs 3.47 billion, with payments of nearly Rs 68.61 crore made to policyholders.
In the engineering and contractor risk category, 209 claims worth Rs 54.75 crore were filed, with about Rs 6.23 crore paid. Similarly, transport insurance saw 12 claims worth Rs 1.68 crore, out of which Rs 47 lakh has been paid. Other insurance categories recorded 42 claims totaling Rs 39.30 crore, with only Rs 23 lakh paid so far, including advance amounts.
To help companies cover the heavy losses, Nepal Reinsurance Company has released around Rs 2.48 billion as advance payment to non-life insurers. The company has received 2,857 reinsurance claims amounting to Rs 15.82 billion related to damages from the movement.
The figures show that while initial payments have started, most claims remain unsettled. Insurers and reinsurers will likely continue processing claims in the coming months as assessments are finalized.
