On its 57th anniversary, the Nepal Insurance Authority acknowledged that public confidence in insurance remains low and urged collective action to build credibility.
Chairman Ojha Says Insurance Still Not Trusted
Chairman of the Nepal Insurance Authority, Sharad Ojha, stated that the insurance sector has not yet earned full trust from the public. Speaking at a corner meeting in Bhrikutimandap during the 57th anniversary celebrations, he called on all stakeholders to improve credibility in the industry.
Awareness Key to Building Trust
Ojha emphasized the need to educate people about insurance. He said the government plans to open insurance information centres and asked insurers to launch awareness campaigns using funds set aside under social responsibility.
Complaints Reflect Poor Public Perception
Ojha noted that ongoing complaints show the public still views insurance with skepticism. “We cannot fix everything at once, but progress is possible with effort,” he said.
Hope for Progress by 58th Anniversary
He directed insurers to work in a way that brings positive changes by next year. “Let’s celebrate the 58th anniversary with a more positive public attitude,” he said.
Industry Leaders Call for Broader Insurance Coverage
President of the Life Insurance Association and CEO of Citizen Life Insurance, Poshan Raj Poudel, called for expanding the reach of insurance.
Birendra Baidwar Chhetri, President of the Nepal Insurance Association and CEO of Siddhartha Premier Insurance, expressed concern that while the government promotes health insurance, it does not offer programs to support life and non-life insurance companies. He urged the Insurance Authority to address this in the national budget.
Chairman Responds to Industry Concerns
In response, Chairman Ojha questioned how well insurance companies have implemented past government programs. “We must reflect on our own performance first,” he said. However, he also noted that the current government seems more supportive of the insurance sector.
Need to Reach the General Public
Chirayu Bhandari, President of the Nepal Small Insurance Association and CEO of Guardian Micro Life, pointed out a major gap. “Insurance is important, but people are not insuring themselves. This shows our failure in reaching them,” he said.
Joint Effort Needed to Grow Insurance
Om Bahadur KC, General Secretary of the Federation of Professional Insurance Agents, stressed teamwork. “Regulators, companies, employees, and agents must work together. I believe this partnership will grow stronger,” he said.
Insurance Reaches 40% of Population
Mohan Purush Dhakal, President of the Nepal Surveyor’s Association, noted that insurance has reached 40-43% of the population. He expressed hope for further expansion in the near future.
Prabhat Pheri Symbolizes Insurance Spirit
Executive Director Sushil Dev Subedi welcomed the participants and praised the enthusiasm shown in the morning’s prabhat pheri. “This enthusiasm proves that insurance is both necessary and meaningful,” he said.
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