Nepal insurers face record claims over Gen-Z protest damages
Gen-Z protests in Nepal have caused record insurance claims nearing NPR 21 billion, surpassing the 2015 earthquake. Major losses include Hilton Kathmandu, Bhat-Bhateni outlets, Ncell headquarters, and Chaudhary Group facilities.
Kathmandu: The destruction of properties during the recent Gen-Z protests in Nepal has triggered the largest-ever insurance claims in the country’s history from a single incident, with claims reaching close to NPR 21 billion to date.
According to data released by the Nepal Insurance Authority, the regulator of the insurance sector, on Thursday, non-life insurers had received 1,984 claims amounting to NPR 20.7 billion by September 16 — a record high for damages in a single incident.
With loss assessments still underway, the claims are expected to rise further. The claims so far have already surpassed those during the 2015 earthquake, when they reached NPR 16.5 billion. Nepal also launched an insurance scheme in 2020 to cover COVID-19 risks, under which insurers received claims exceeding NPR 16 billion, according to the regulator.
The Oriental Insurance Company Limited, a branch of India’s Oriental Insurance, has received the largest share of claims as of September 16. The company alone recorded NPR 5.14 billion across 40 cases, with the bulk attributed to Hotel Hilton Kathmandu, which suffered one of the heaviest losses during the protests.
Siddhartha Premier Insurance, Shikhar Insurance, IGI Prudential Insurance, and Sagarmatha Lumbini are also among the top five insurers receiving the highest claim amounts.
Some major enterprises alone have reported damages worth over NPR 60 billion, according to an official of the Confederation of Nepalese Industries (CNI), which is compiling details of private-sector property losses.
The protests saw significant properties gutted by fire, including Hotel Hilton Kathmandu, several outlets of Bhat-Bhateni Supermarket — Nepal’s largest retail chain — the headquarters of Ncell, the private telecommunication company, and an assembly plant and vehicle showroom of the Chaudhary Group, owned by Binod Chaudhary, Nepal’s only billionaire listed by Forbes.