KATHMANDU: Insurance claims worth Rs 3.08 billion have been filed for 1,066 vehicles damaged or swept away by the devastating Bhotekoshi flood in Rasuwa on August 26.
According to the Nepal Insurance Authority, claims totaling Rs 3.079 billion had been filed for the affected vehicles as of September 28. The actual number of damaged vehicles is expected to rise as assessment work continues.
The sudden flood swept away hundreds of vehicles parked around the Rasuwagadhi Customs Office, vehicle yard and nearby roads. Initial estimates suggest that more than 500 electric cars brought in by businesses for sale were among the vehicles lost.
Similarly, 338 trucks and containers under the Nepal Truck Transport Entrepreneurs Federation and 191 vehicles under the Federation of Nepalese National Transport Entrepreneurs were reported damaged. Hundreds of motorcycles, scooters and private cars were also affected.
Despite the large number of claims, insurance companies have so far paid only Rs 2.41 million for vehicle-related claims. Insurers said the payment remains low as surveyors are still assessing the damage.
Under the Insurance Claim Payment Guidelines 2081, insurers must appoint a surveyor after receiving a claim. The surveyor generally has to submit the assessment report within 15 to 21 days. The insurer is then required to settle the claim within 21 days of receiving the report.
The Bhotekoshi flood has resulted in total insurance claims of around Rs 20.98 billion across different sectors. This includes Rs 4.41 billion from 165 engineering and contractor-risk claims, Rs 9.41 billion from 518 property insurance claims and Rs 2.48 billion from 104 transport insurance claims.
In addition, 22 health insurance claims worth Rs 22.22 million and 299 other insurance claims worth Rs 1.36 billion have been filed.
Overall, insurance companies have so far paid only Rs 6.75 million against the total claims related to the flood, according to the Nepal Insurance Authority.
