Microinsurance policy needed in Nepal
eKantipur, 9 July 2009
Insurance experts in Katmandu on Wednesday said that the microinsurance industry has not been able to perform well because of the lack of sound policy and proper monitoring in the sector.
Speaking at an interaction programme organised by the Beema Sansthan, experts asked for the creating of a microinsurance campaign targeting the low and middle class people of the country. Ramesh Raj Bhattarai, executive director of the Insurance Board (IB) said that the microinsurance industry had still not been recognized as a formal insurance sector because there was no policy in place to do so. “A formal policy should be developed and introduced,” said Bhattarai.
He also said that the IB was ready for joining hands with the concerned bodies to introduce the National Insurance Initiative (Rastriya Beema Abhiyan) in rural parts of the country.
According to Tej Hari Ghimire, chief executive officer of the Centre for Micro Finance, insurance schemes targeted mainly at the poor and low income populace was crucial and should be expanded to help them in their personal security, health, security for their cattle and agro-products.
Currently, there are 21 insurance companies offering microinsurance services, of which five are working with commercial insurance companies. The sector started providing services in the country in 1976.
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