Non-life insurance companies have received a total of 1,984 claims due to arson and vandalism during the GenZ protest in Kathmandu and different parts of the country on Sept 8 and 9. Government offices, business establishments and private homes were torched and vandalized after security personnel used excessive force to disperse protesters. A total of 74 people died in different parts of the country during the protest. Hotel Hilton Kathmandu has said that it alone suffered damages worth Rs 8bn.
Hundreds of government and private vehicles were torched and vandalized in those two days. According to the Nepal Insurance Authority (NIA), the estimated value of these claims is around Rs 20.7bn. Fourteen non-life insurance companies and four non-life microinsurance companies have received claims for losses during the GenZ protest.
Seven companies have received claims worth more than a billion rupees each, while the rest have claims below that threshold, according to the NIA. The unusual circumstances created by the protests have placed heavy compensation obligations on insurers.
Among individual insurers, Shikhar Insurance has received the highest number of claims so far, with 366 cases amounting to Rs 2.39bn. However, in terms of value, The Oriental Insurance and Siddhartha Premier Insurance top the list. Oriental has registered 40 claims totaling Rs 5.14bn, while Siddhartha has logged 258 claims worth Rs 4.93bn.
Other major insurers by claim value include IME Prudential Insurance with 24 claims amounting to Rs 1.59bn and Sagarmatha Lumbini Insurance with 233 claims worth Rs 1.47bn. Together, the top five insurers account for a significant portion of the total claims. Among microinsurers, Protective Microinsurance tops the list with nine claims totaling Rs 113m, followed by Star Microinsurance with six claims worth Rs 67m. Similarly, Nepal Microinsurance has received 15 claims worth Rs 56m, while Trust Microinsurance has the smallest exposure, with eight claims totaling Rs 42m.
An official at the NIA said the regulator has instructed insurance companies to ensure timely settlement of claims for policyholders affected by the exceptional circumstances.
