With a steady rise in the number of corona virus cases across Nepal, the country has, over the past month, seen a huge demand for COVID-19 insurance cover.
Considering the challenges faced by its citizens in the wake of the increasing number of cases, the Nepal insurance regulator, Beema Samiti, had on 16 April directed all non-life insurers to issue coronavirus insurance cover.
Since then, 20 non-life insurance companies across the country have issued 14,340 insurance policies, covering a total of 185,682 people and collecting close to NPR100m ($827,000) in premium income so far. The insurance policy covers people against any emergencies arising from the coronavirus.
The policy named ‘COVID-19 insurance scheme’ is classified into two categories and citizens have the option to select between individual and family plans. Under category A, for sum assured of NPR100,000, the premium amount for individuals is NPR1,000 and for the family plan is NPR600. For category B, for sum assured of NPR50,000, the premium amount for individuals is NPR500 and for the family plan is NPR300.
Nepal Insurers’ Association secretary Chanky Chhetry said that with the number of positive cases increasing each day, people are becoming increasingly aware about the virus and hence more people are opting to buy the COVID-19 insurance policy.
“Since the policy can be bought through online platforms, the number of people buying such policies are rising,” he said. The association is keen to see that the policy reaches the maximum number of people in the country.