Insurance companies have disbursed about 21.23 million US Dollars (3 billion Nepali rupees) in early payments to compensate for damages resulting from the Gen Z movement. Following the Insurance Board’s directive to provide up to 50 per cent of claim amounts in advance to the insured, the insurers released the payments accordingly.
The government had earlier instructed the Board to make arrangements for insurers to provide advance payments of up to 50 per cent of the total claims related to damages caused by arson and vandalism during the protests on September 8 and 9.
According to the Board, policyholders have filed claims totalling 164.41 million US Dollars (23.23 billion Nepali rupees) for damages to their properties during the movement.
Only 15 insurance companies have made these advance payments, out of 18 non-life insurance companies currently operating in Nepal. In total, 3,187 insured parties have filed claims.
According to the Board, among the properties damaged during the GenZ movement, claims were filed for 673 property insurance, 2,270 motor insurance, 192 engineering and contractor insurance, 12 transport insurance, and 40 other insurance policies, totalling 3,187 claims.
Regionally, the Bagmati Province saw the highest number of claims, with total damages valued at 124.66 million US Dollars (17.61 billion Nepali rupees), according to the Insurance Board.
