As a PhD scholar specializing in insurance, Mr. Subedi brings substantial expertise in insurance supervision and regulation. He was instrumental in the enactment of the Insurance Act, 2022 by the federal parliament of Nepal and played a leading role in drafting the National Insurance Policy for the Federal Government.
Additionally, Mr. Subedi has authored several management books and is actively engaged in insurance academics at various universities for the past 20 years, contributing significantly to the field both as an educator and a thought leader.
Q. How has the insurance sector in Nepal evolved over the past decade? What are the most significant changes you have observed?
A: The insurance sector in Nepal has really come a long way in the past decade. It has seen some major changes that have boosted its growth and brought it into the modern era. The amount of premiums has been growing at a rate of about 20% every year, from 2010 to 2020. This shows that the market has expanded a lot. We now have more insurance companies too, with 14 life insurers, 14 non-life insurers, two reinsurance companies, and seven micro-insurance companies.
One of the big changes has been the introduction of better ways to manage risks, making sure that customers are at the center of everything. In 2079 BS, the Insurance Act was put into effect, and it brought in more rules and oversight to make sure that insurance companies are complied and prudent. This has improved how they run their businesses and made the whole sector more stable financially. The Insurance Board of Nepal also got a major upgrade and is now called the Nepal Insurance Authority (NIA). This has been a cornerstone in enforcing compliance and fostering a competitive market environment.
This story is from the August 2024 edition of THE INSURANCE TIMES.
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This story is from the August 2024 edition of THE INSURANCE TIMES.
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