Global Insurers Assessing Nepal Earthquake Loss

NEPAL – Global insurers and reinsurers with presence in Nepal are sending their teams to assess the damages brought about by the massive earthquake that struck the nation last Saturday.

Analysts said most of the claims will come from home insurance policy that provides cover for any damage to property and contents caused by natural or man-made calamities.

"Nepal earthquake 001" by Mapbox - Licensed under CC BY 2.0 via Wikimedia Commons
“Nepal earthquake 001” by Mapbox – Licensed under CC BY 2.0 via Wikimedia Commons
Among the insurance companies that are sending their teams in Nepal are the General Insurance Corporation of India (GIC) Re, the largest international reinsurer in Nepal, and Bajaj Allianz General Insurance.

The Indian-government-owned GIC Re said it has formed a special team that will be tasked to assess the loss caused by the earthquake in Nepal.

“We will have loss estimate in the next two-three days. We have kept surveyors as the backup,” said GIC Re Chairman and Managing Director AK Roy.

A special team has also been formed to handle insurance cases and settle claims on priority, said Roy.

The Insurance Regulatory Authority of Nepal or Beema Samiti requires companies to cede 50% of insurance within the country.

Another insurer in Nepal, Bajaj Allianz General Insurance, has set up a dedicated helpline number for customers that were affected by the tremor that struck Nepal’s northern and eastern regions. –

The number of fatalities in Nepal has already crossed 3,200 as of Monday and government officials said the death toll will continue to rise in the coming days.

Nepalese on Monday continue to live with fear as huge aftershocks continue to rock the capital Kathmandu.

US Geological survey has predicted more aftershocks in the coming months. According to their website, USGS expects 3-14 aftershocks of the more than 5 magnitude on Richter scale and said that there is a 54 per cent chance of a magnitude 6 or greater aftershock.

The USGS added that in the following month and then the following year, USGS expects several magnitude 5 and greater aftershocks, with a significant chance of magnitude 6 and greater aftershock. – BusinessNewsAsia.com

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