By Madan Lamsal

The Nepali insurance companies are now overwhelmed by the miracle of the third party. There were times when these companies used to hire umpteen number of agents to net a small fry who would ultimately agree to buy their policy. But, these days, their business is so smoothly automated, money floods into the office by any minor economic activity a nouveau riche carries out. No sooner, one buys a private car, a taxi or a rental minibus, the premium amount in the name of the third party insurance automatically flows into insurance company account.

There are other advantages of the third party insurance. This particular insurance has embedded self-defense mechanism. For example, more vehicles means more premium. Also, it means more traffic jams on the road. That means less speed, and less accidents. Lesser number of accidents naturally results in highly reduced claim on insurance. This is truly a full-proof proposition. All these have contributed to balloon-up the premium collection. And more profits, more leisure time for the insurance company executives.

This leisure has provided some value-time for the top insurance executives to be more creative to think about truly new product, as effective as the third party. In a meeting of a group of CEOs, the most imaginative one proposed that they must launch the third party insurance product for the aeroplanes and bicycles. The other one seconded, bicycles are perfectly ok but the aeroplane products must be thoroughly researched.


Objected the third, Only thing we must think about is not the product research but to identify the party that can force some sort of insurance. Look, how some of the foreign missions have been great help to us. They have made the travel and host country health insurance compulsory to issue a visa. Every traveler pays the premium for this but never comes back to claim anything.


The next volunteered, even if they did, the companies could easily shirk away saying that the coverage was just for minor illnesses like common cold or fever. Because no one asks what is covered in a haste to get visa, such insurance is always uncertain even to those Nepalis who is in who's-who list.


But many thought ˜the third party airplane insurance was indeed a marvellous idea. So, the group assigned to explore the possibility to two chosen energetic CEOs. For the purpose, they flew by a plane to a new destination together. Both of them had bought flight insurance. After landing at the airport the other end, one remarked, "What a wastage! The premium we paid for the flight insurance went in vain." Other one evaluated, but, you see, third party air insurance seems to be real good proposition as aeroplane is unlikely to hit and kill anything en route. Thus entire premium gets saved for the company.