Kathmandu. A new example of the competition between non-life insurance companies in business and what they do has been found. Himalayan Everest Insurance Company has offered up to 12 percent cash back to the insured.
High-level officials of Himalayan Everest have offered up to 12 percent cash back to a cement industry in Hetauda.
According to the information received by Singha Durbar, this time Himalayan Everest has set its eyes on the insurance that was being offered by another non-life insurance company so far. Two high-level employees of Himalayan Everest discuss insurance with the company and during the discussion, they offer to give cash back of up to 12 percent of the premium if they insure with their company.
After receiving a cash back offer of up to 12 percent from Himalayan Everest, the cement industry informs the company that is currently insuring about the offer.
However, the CEO of the previous insurer sends information about Himalayan Everest’s cash back offer to the WhatsApp group of the Nepal Insurance Association.
After receiving the information about the offer of up to 12 percent cash back in the group of company CEOs, Nirjivan This has created a stir in the insurance sector. ‘There was a proposal to give 12 percent cash back, and even more than that, it was said to give another 2.5 percent additional commission. This is not just a matter of one company taking away the business of another, it is also a matter of our credibility and good governance.’, the CEO of a non-life insurance company told Singha Durbar.
However, Sushildev Subedi, Executive Director and Spokesperson of the Nepal Insurance Authority, said that there is no provision regarding cash back and action will be taken against the company that does so. “There is no provision to give such cash back, if evidence is found, we will take action,” Subedi, spokesperson of the Authority, told Singha Durbar.
Recently, there have been allegations that the number of under-the-table deals, from rate cutting to premiums, is increasing among insurance companies. In this regard, Himalayan Everest Insurance is accused of being at the forefront of companies that do business outside such discipline.
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