The recent Gen-Z protests in Nepal have triggered the highest insurance claims ever recorded from a single incident in the country’s history.
According to data released by the Nepal Insurance Authority on September 19, non-life insurers have already received 1,984 claims amounting to NPR 20.7 billion as of September 16. This surpasses previous records, including the claims following the 2015 earthquake and the COVID-19 insurance payouts.
The claims from the protests are still being assessed and are expected to rise further.
For comparison, insurance claims after the 2015 earthquake had peaked at NPR 16.5 billion, while claims related to COVID-19 exceeded NPR 16 billion under a government-backed insurance scheme introduced in 2020.
The Gen-Z protests have thus set a new benchmark for property damage compensation in Nepal.
Leading Insurers and Major Losses
Among the insurance companies, the Oriental Insurance Company Limited—a branch of India’s Oriental Insurance—has received the largest amount in claims, totalling NPR 5.14 billion across 40 cases.
A significant portion of these claims comes from the Hilton Kathmandu Hotel, which suffered severe damage during the protests.
Other major insurers topping the list include Siddhartha Premier Insurance, Shikhar Insurance, IGI Prudential Insurance, and Sagarmatha Lumbini Insurance Company, reflecting the widespread impact of the unrest across various sectors.
The protests saw widespread destruction of major properties, including prominent business establishments.
According to the Confederation of Nepalese Industries (CNI), which is compiling detailed reports on private sector losses, damages to major enterprises alone have exceeded NPR 60 billion.
Notable properties affected include the Hilton Kathmandu Hotel, multiple outlets of Bhat-Bhateni Supermarket—Nepal’s largest retail chain—the headquarters of Ncell, the leading private telecom provider, as well as manufacturing plants and vehicle showrooms belonging to the Chaudhary Group.
Nepal’s only billionaire, listed by Forbes, Binod Chaudhary, owns the group, which suffered heavy losses during the protests.
The scale of the damage highlights the significant economic and social disruption caused by the Gen-Z protests.
The heavy financial burden on insurers and business owners alike underscores the need for continued stability and efforts to restore normalcy in the country.
This latest incident has not only strained Nepal’s insurance sector but also raised concerns about the vulnerability of businesses to civil unrest, emphasising the importance of security and infrastructure resilience for the nation’s economic health.
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