Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The nationwide Gen-Z protests in August, which saw widespread arson and vandalism across public and private properties, have triggered a significant rise in demand for home and property insurance in Nepal. According to multiple insurance companies, there has been a notable increase in inquiries from households, business owners, and even government officials seeking insurance coverage to protect their assets.
Ishwar Pokharel, Deputy CEO of Nepal Insurance, said that inquiries for home and property insurance have grown considerably since the protests. “The incidents created fear among the public. People realized that insurance is a protection mechanism and not just a formality,” he said. Pokharel also confirmed that several senior government officials, including secretaries, have recently approached insurers to insure their homes.
Similarly, Man Bahadur Dhakal, Senior Officer and Information Chief at Oriental Insurance, stated that the protests have shifted public perception. “Earlier, many believed riot or vandalism insurance was unnecessary. But after witnessing the losses, people are now actively seeking riot and property damage coverage,” he noted.
Insurance companies say that the Gen-Z protest had a similar psychological impact as the 2015 earthquake, which significantly raised awareness about risk management and asset protection. However, executives acknowledge that the level of long-term behavioral change remains uncertain.
Mrigendranath Rimal, CEO of Nepal Micro Insurance, said even individuals who previously dismissed insurance are now seeking details on premium costs, claim processes, and coverage categories. “The movement has woken up both the public and government bodies to the need for risk coverage,” he said.
Despite the rise in inquiries, experts caution that Nepal still lacks a strong insurance culture. Hanshman Dangol, Underwriting Head at Neco Insurance, pointed out that insurance in Nepal is still often viewed as a burden rather than a safety measure. “Unless insurance is made mandatory at the policy level, the change in mindset may not be sustained,” he remarked.
According to the latest data from the Nepal Insurance Authority, property insurance now accounts for 27.44% of total non-life insurance business. As of mid-Ashoj in the current fiscal year, insurance companies have collected Rs 3.54 billion in property insurance premiums — up from Rs 3.24 billion in the same period last year.
Industry officials say that the real impact of the Gen-Z protests on insurance uptake will become clearer in the coming months, as individuals, municipalities, cooperatives, and government agencies begin to formalize insurance coverage decisions.
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