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Insurance Companies Settle Coronavirus Claims of more than Rs 1.5 Billion

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Insurance Companies Settle Coronavirus Claims of more than Rs 1.5 Billion
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December 27: Statistics of the Insurance Board shows that more than 15,000 individuals have claimed insurance for coronavirus as of Friday, December 25.

According to the board, a total sum of Rs 1.54 billion has been paid to 15, 879 people who were insured against the disease. Likewise, the board stated that 79 applications have been considered ineligible.

According to the latest information provided by the board, the settlement of coronavirus insurance claims has been moving forward swiftly. Raju Raman Poudel, executive director of the board, said that the settlement of coronavirus insurance claims is being made on a ‘fast track’ basis.

Earlier, insurance companies had delayed settlement of claims. The board says that the claim settlement has been done in an efficient manner now after criticism from various sectors.

Finance Minister Bishnu Poudel had called the representatives of the insurance companies and the insurance board on November 3 and instructed them to speed up the settlement of corona insurance claims. At that time, only 1,791 claims had been settled. But so far, more than 15,000 have received their insurance claims. According to the board, 29,270 applications with full documents have been received for coronavirus insurance claims so far.

Likewise, additional 7,441 applications have been sent to the Ministry of Health and Population for verification of PCR report. Of them, 3,886 applications have been verified and 3,555 applications are in the process of verification.

As the documents were not completed, 2,053 applications have been sent to insurance companies. The board also informed that 4,319 applications are being verified.

In Corona Insurance, the claim payment amount is more than the premium amount. Only around Rs 1 billion has been collected for insurance premiums. However, the claims have reached over Rs 1.5 billion.

Lately, the number of corona insurers is less. However, the claim applications are coming, so the amount claimed is more than the premium amount.

 

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