Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Nepali insurance companies have been increasingly criticized for delaying the settlement of their clients’ claims, with the Nepal Insurance Authority (NIA) reporting a significant rise in complaints over recent years. In the fiscal year 2023/24, the NIA registered 244 complaints against insurers, a substantial increase from the 155 complaints filed in the previous year, marking a 57.41 percent rise.
The NIA’s records reveal a consistent upward trend in complaints against insurance companies over the past few years. In FY 2018/19, there were 100 cases filed, which increased to 126 and 137 cases in the following two years, respectively. By FY 2021/22, the number of complaints had risen to 155, demonstrating a persistent issue within the industry.
NIA officials have noted that the majority of these complaints are directed at non-life insurers. Common grievances include dissatisfaction with the damage amounts assessed by surveyors and discrepancies between the claimed amounts and the actual payments received. These issues have fueled frustration among beneficiaries, leading to the surge in complaints.
In the last fiscal year, the NIA managed to settle 150 cases related to misappropriation in insurance claims. However, a total of 437 cases remain under consideration, indicating a backlog and highlighting the need for more efficient resolution processes.
The growing number of unresolved complaints points to systemic issues within the Nepali insurance industry. Beneficiaries have repeatedly expressed concerns over delayed settlements and unfair claim assessments, calling for stricter regulatory oversight and better accountability measures.
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