Kathmandu. The company has reinsured Corona Insurance with Nepal Reinsurance. Damodar Bhandari, deputy general manager and spokesperson of Nepal Reinsurance, said that the company has reinsured the new policy of Corona Insurance.

 The reinsurance after the arrival of the new product will be recovered by the foreign company. At the same time, the reinsurer's share in Covid Insurance is expected to recover.

The responsibility of paying Corona Insurance claims has now shifted to the Government of Nepal. The claim payment of Corona Insurance has reached more than Rs 3.5 billion. According to the Nepal Insurance Association, the payment of Corona insurance claims has reached Rs 4 billion so far.

Non-life insurance companies have claimed up to Rs 1 billion through Covid Insurance Bridge. In case of a claim of more than Rs 2 billion, Nepal Reinsurance has a provision to pay Rs 1 billion from the company. In case of more than that, Rs 500 million will be paid through the catastrophe fund of insurance companies and in case of more than Rs 2.5 billion, the Insurance Committee will pay Rs 1 billion.

Corona Insurance is estimated to have between Rs 8 billion and Rs 10 billion in claims. Of that, Rs 3.5 billion has been paid from the insurance sector. Accordingly, the government has to pay around Rs 5 billion for Corona insurance claims.