LGI Becomes first to 100% settle of Earthquake Claim

LGI Becomes first to 100% settle of Earthquake Claim

LGI Becomes first to 100% settle of Earthquake Claim

Lumbini General Insurance Company Ltd has completed 100 percent settlement both in terms of number of claims (880) and claim amount (Rs 254.44 million) arising out of the 2015 earthquakes.

According to statistics compiled by Beema Samiti – the insurance sector regulator, non-life insurers have paid Rs 12.81 billion in compensation to settle 16,836 claims as of February 11.

Claims settlement under ‘engineering’ stood at Rs 818.1 million for 94 claims. This insurance coverage includes damage to the factory, hydro-power and other equipment, and property due to engineering risks during engineering activities, planning, designing, erection, construction, operation and maintenance. There were 110 eligible claims for compensation worth Rs 2.85 billion under this heading.

The ‘marine’ and ‘miscellaneous’ insurance claim settlement stood at Rs 753,000 and Rs 3.48 billion, respectively.

Source: myrepublica on  March 13, 2017

Last Updated on September 16, 2017 by

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