After succumbing to the country's worst earthquake in 80 years, Nepal is now trying to recuperate from the losses faced in past two days. Property, Life and Motor insurance companies have begun their loss assessment survey. It is estimated that property-related claims will be higher than that of life and motor insurance. The extent of the losses will be known in the coming days. The earthquakes measuring 7.9 and 6.7 on the Richter Scale affected some parts of India as well.
Insurance companies will honor claims based on the affected area and frequency. Nepal is divided into four seismic zones; the compensation will be paid accordingly. The massive earthquakes have also affected several insurance companies’ infrastructure, making communication more difficult.
Insurance companies are trying their best to ensure that the claim process is carried out smoothly. Some have announced a dedicated phone line while some have ensured claim settlement in a time bound manner with minimal documentation. Special teams have also been created for the same.
State-owned General Insurance Corporation Re, which is the largest international reinsurer in Nepal, and Life Insurance Corporation of India, will be settling claims as well.