Insurance coverage

FinMin Sharma orders IB to extend insurance coverage to rural areas – myRepublica

KATHMANDU, September 1: Finance Minister Janardan Sharma has instructed the Beema Samiti (Insurance Board) to extend insurance coverage to remote areas.

Inaugurating the council’s provincial office in Surkhet as part of a program here today, the minister urged the Samiti to ensure people in outlying areas have access to insurance covers. “The majority of Karnali’s population is not covered by insurance,” he said.

He added that the establishment of the Samiti Provincial Offices aims to decentralize its rights to the province level and its presence should no longer be solely centered in urban areas, it should also reach rural and remote areas. “The insurance service should be trustworthy and reach even rural areas.”

According to the minister, the extension of insurance coverage to villages is also a dimension of federalism and there is an urgent need to visit rural areas with insurance education programs. Only 11% of Karnali’s population has access to insurance. “Let’s orient them on insurance literacy,” reiterated the Minister of Finance.

He also took the time to complain that the insurance companies failed to ensure timely payment of the insurance amount and failed to pay the amount claimed by the plaintiffs. He urged those concerned to make services more reliable.

Global insurance industry regulation, policyholder safety and insurance literacy should be top priorities for businesses, he said, adding that more than 12,000 people are directly employed in this sector and that the government is preparing to open a school of insurance. to deal with the shortage of human resources in this sector.

He said: “The government has proposed an insurance authority, an insurance institute and an insurance information center, and a separate college is needed to produce the necessary graduates in the field. The government will prepare curricula and open a college.”

During the inaugural session, the Minister of Land Management, Agriculture and Cooperatives of Karnali Province, Chandra Bahadur Shahi expressed his belief that farmers in the province will benefit from the establishment of the office.

Minister of Economic Affairs and Planning, Krishna Shah (Acharya) spoke on the need to bring in a special insurance package targeting poor households while Samiti Chairman, Surya Prasad Silwal pledged to diversify insurance business and manage insurance programs with a focus on poverty minimization.

Beema Samiti is the insurance regulatory authority of Nepal under the Ministry of Finance.