Reinsurance claims for Gen-z movement damage reach Rs 16 arba

Dhangadhi: Reinsurance claims for damages caused by the Gen-G movement on Bhadra 23-24 have reached Rs 16.51 arba. The government-owned Nepal Reinsurance Company (Nepal Re) received these claims under its policy covering risks related to riots and terrorism.

Out of 3,187 claims worth a total of Rs 23.233725 billion filed by non-life insurance companies, Nepal Re has taken on 2,868 claims valued at Rs 16 arba. Insurance companies have already made advance payments of approximately Rs 2.79 billion to the insured, while Nepal Re has provided Rs 1.99 billion in advance.

Under the insurance system, companies retain 35 percent of the risk and reinsure the remaining 65 percent through Nepal Re. For large claims exceeding Rs 10 crore related to the Gen-z movement, Nepal Re assumes 100 percent liability.

Final payments will be issued after the surveyor’s report is received, but advance payments have been made to provide immediate relief to the insured.