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September 26: Finance Minister Yuba Raj Khatiwada has urged insurance companies to diversify their investments and businesses to insulate the company and insurance industry from the shocks of various disasters.
According to the Society of Economic Journalists of Nepal (SEJON), he made such remarks while speaking at the inauguration of a two-day conference of the Association of Insurers and Reinsurers in Developing Countries (AIRDC) on Tuesday, September 25. The 21st AIRDC Conference kicked off in the capital with a theme ‘Building Financial Resilience: Disaster Risk Financing and Insurance”, SEJON said in a statement.
“If the business is concentrated in a certain sector, the risk is also going to increase. So, you [insurance companies] have to diversify the insurance businesses,” said Khatiwada.
Stating that the majority of the insurance business of non-life insurers in Nepal is concentrated on motor business, he said their businesses should be diversified to include other sectors like industries, housing, agro and crop insurance.
He also urged Nepal’s insurance companies to end the hassles and lengthy process of claim settlement.
“The insurance companies should leverage technology to simplify the insurance and claim settlement and reduce the cost,” he said. “This can help attract public to toward insurance,” he added.
The finance minister also said that developing countries face the challenge of resources and capacity to cope with the adverse impact and risks of various natural disasters as well as the adverse impact of climate change.
Also speaking at the inaugural ceremony of the conference jointly organized by the Association of Insurers and Reinsurers in Developing Countries (AIRDC), Nepal Insurers’ Association (NIA) and Beema Samiti, Yassir Albaharna, president of the AIRDC, said that the risks and problems faced by the member countries of the association are common and the AIRDC aims at helping them to address collectively.
The two-day long conference that has brought over 400 delegates including 88 from 20 various countries to discuss on how to build the financial resilience, disaster risk financing and insurance.
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<p>Stating that the majority of the insurance business of non-life insurers in Nepal is concentrated on motor business, he said their businesses should be diversified to include other sectors like industries, housing, agro and crop insurance.</p>
<p>He also urged Nepal’s insurance companies to end the hassles and lengthy process of claim settlement.</p>
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<p>The finance minister also said that developing countries face the challenge of resources and capacity to cope with the adverse impact and risks of various natural disasters as well as the adverse impact of climate change.</p>
<p>Also speaking at the inaugural ceremony of the conference jointly organized by the Association of Insurers and Reinsurers in Developing Countries (AIRDC), Nepal Insurers’ Association (NIA) and Beema Samiti, Yassir Albaharna, president of the AIRDC, said that the risks and problems faced by the member countries of the association are common and the AIRDC aims at helping them to address collectively. </p>
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<p>According to the Society of Economic Journalists of Nepal (SEJON), he made such remarks while speaking at the inauguration of a two-day conference of the Association of Insurers and Reinsurers in Developing Countries (AIRDC) on Tuesday, September 25. The 21st AIRDC Conference kicked off in the capital with a theme ‘Building Financial Resilience: Disaster Risk Financing and Insurance”, SEJON said in a statement.</p>
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<p>He also urged Nepal’s insurance companies to end the hassles and lengthy process of claim settlement.</p>
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<p>The finance minister also said that developing countries face the challenge of resources and capacity to cope with the adverse impact and risks of various natural disasters as well as the adverse impact of climate change.</p>
<p>Also speaking at the inaugural ceremony of the conference jointly organized by the Association of Insurers and Reinsurers in Developing Countries (AIRDC), Nepal Insurers’ Association (NIA) and Beema Samiti, Yassir Albaharna, president of the AIRDC, said that the risks and problems faced by the member countries of the association are common and the AIRDC aims at helping them to address collectively. </p>
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<p>He also urged Nepal’s insurance companies to end the hassles and lengthy process of claim settlement.</p>
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<p>The finance minister also said that developing countries face the challenge of resources and capacity to cope with the adverse impact and risks of various natural disasters as well as the adverse impact of climate change.</p>
<p>Also speaking at the inaugural ceremony of the conference jointly organized by the Association of Insurers and Reinsurers in Developing Countries (AIRDC), Nepal Insurers’ Association (NIA) and Beema Samiti, Yassir Albaharna, president of the AIRDC, said that the risks and problems faced by the member countries of the association are common and the AIRDC aims at helping them to address collectively. </p>
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<p>According to the Society of Economic Journalists of Nepal (SEJON), he made such remarks while speaking at the inauguration of a two-day conference of the Association of Insurers and Reinsurers in Developing Countries (AIRDC) on Tuesday, September 25. The 21st AIRDC Conference kicked off in the capital with a theme ‘Building Financial Resilience: Disaster Risk Financing and Insurance”, SEJON said in a statement.</p>
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<p>Stating that the majority of the insurance business of non-life insurers in Nepal is concentrated on motor business, he said their businesses should be diversified to include other sectors like industries, housing, agro and crop insurance.</p>
<p>He also urged Nepal’s insurance companies to end the hassles and lengthy process of claim settlement.</p>
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<p>The finance minister also said that developing countries face the challenge of resources and capacity to cope with the adverse impact and risks of various natural disasters as well as the adverse impact of climate change.</p>
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