Kathmandu – Last year, ‘The National Insurance Discourse’, a comprehensive national insurance dialogue program, was successfully conducted through a collaboration between Banking News and the Nepal Insurance Authority. Held on September 4, 2023, at the Soltee Hotel in Kathmandu, the discourse focused on critical issues such as the current state of the insurance sector, the Ministry of Finance’s interest in the industry, public understanding of insurance, the sector’s significance to the economy, and the challenges it faces.

The program comprised four key sessions, which covered the following topics:

1. Collaboration Between the Federal Government and Local Bodies in Insurance Inclusion
2. Challenges in the Non-Life Insurance Sector and Their Dimensions in the Nepali Context
3. Impact of Life Insurance Companies on Nepali Society and the Economy
4. Awareness and Digitalization of Insurance Companies in Nepal

Session Highlights

1. Collaboration Between the Federal Government and Local Bodies in Insurance Inclusion
This session featured discussions with former Finance Minister Surendra Pandey, then-chairperson of the Nepal Insurance Authority Surya Prasad Silwal, Kamlesh Kumar Agrawal (Director of Nepal Life Insurance), and Gajendra Maharjan (Mayor of Godavari Municipality).

2. Challenges in the Non-Life Insurance Sector and Their Dimensions in Nepal
Panelists included Sushil Dev Subedi (Director, Nepal Insurance Authority), Chanki Chhetri (Chairperson, Nepal Insurance Brokers’ Association), Sudhumna Prasad Upadhyay (CEO, Sanima General Insurance), and Gajendra Kumar Jha (Valuator and Surveyor).

3. Impact of Life Insurance Companies on Nepali Society and the Economy
This session involved Puja Dhungel Adhikari (Director, Nepal Insurance Authority), Poshak Raj Poudyal (CEO, Citizen Life Insurance), Praveen Raman Parajuli (CEO, Nepal Life Insurance), and Dr. Fatta Bahadur KC (Insurance Expert and Professor).

4. Digitalization of Insurance Companies in Nepal
Panelists included Prakash Bikram Khatri (CEO, Surya Jyoti Life Insurance), Nirmal Kaji Shrestha (Vice President and CEO, MetLife Insurance), Birendra Bahadur Baidwar Chhetri (CEO, Siddhartha Premier Insurance), and Kishor Dahal (Director, Arihant Solutions).

Closing and Key Outcomes

The final session included an online ‘duologue’ with then-Finance Minister Dr. Prakash Sharan Mahat, where critical topics from the sessions were discussed, and his insights were sought.

After the event, Banking News compiled a detailed report summarizing the key issues and recommendations raised during the discourse. The report was handed over to the Ministry of Finance and the Nepal Insurance Authority in the presence of key stakeholders.

The first edition of ‘The National Insurance Discourse’ set the stage for meaningful dialogue, paving the way for strategic advancements in Nepal’s insurance sector.