Kathmandu. Sushildev Subedi, Executive Director of the Nepal Insurance Authority, has said that collaboration and partnership with development partners and international organizations is important to advance insurance in a way that benefits the common citizen by expanding its development and access to the insurance sector. He made this statement while speaking at an interaction program on insurance with Nepal’s development partners and international organizations.
The program was organized with the objective of providing information about the work being done by the Authority for the overall development and expansion of the insurance sector and its collaboration with development partners and international organizations, and to coordinate and advance the partnership and collaboration with development partners and international organizations in the coming days in areas such as potential areas of partnership and collaboration, human resource development, expansion of the scope of insurance in remote and rural areas, and implementation of digitalization in the insurance industry.
At the program, Executive Director of Nepal Insurance Authority Sushildev Subedi said that collaboration and partnership with development partners and international organizations is important to advance insurance in a way that benefits the common citizen by expanding the development and access of the insurance sector. .
Executive Director Subedi said that since the objective of development partners and international organizations to support Nepal for the greater good is to advance insurance in a way that benefits everyone, including citizens of remote and rural areas, regular cooperation and collaboration are expected from all those involved in the work of exchanging expertise, knowledge and experience in this regard.
Nirmal Adhikari, Director of Nepal Insurance Authority, pointed out the need to move forward with mutual coordination, partnership and collaboration to achieve maximum results from limited resources in the insurance sector, to prevent duplication of work, to provide access to insurance to the target community and to develop new models to provide financial protection for new risks seen in the insurance sector. .
In the program, officials and representatives of Nepal’s development partners and international organizations said that the initiative shown by the Nepal Insurance Authority regarding risk-based capital, risk-based regulation and risk-based insurance rates in Nepal is commendable.
They called for further development of Nepal’s insurance sector by implementing digitalization in the insurance sector, institutional arrangements for exchanging knowledge and experience related to insurance, developing insurance policies to provide financial protection against losses caused by climate change, natural disasters and wildlife, creating insurance policies and microinsurance policies taking into account the geographical conditions and the economic conditions of low-income groups, increasing trust in insurance by making insurance claim payments simple and easy, arranging for integrated insurance data, and establishing a separate platform to exchange knowledge and experience related to insurance. They expressed their willingness to collaborate and partner with the Authority in areas such as digitalization in the insurance sector, development of new insurance and microinsurance policies based on geographical conditions and the financial condition of the citizens, training for human resources, increasing insurance awareness, and conducting insurance-related research. The program was attended by representatives of development partners and international organizations in Nepal, including the World Bank, Asian Development Bank, United Nations Development Program, GIZ, WWF Nepal, IUCN, Stone Step and Practical Action, chairmen of Nepal Life Insurance Association, Nepal Insurance Association and Nepal Microinsurance Association, and officials and representatives of reinsurance companies.
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