Kathmandu – Chairman of the Nepal Insurance Authority, Madan Dahal, stated that despite its long history, Nepal’s insurance sector is still in its infancy. Addressing the 2nd National Insurance Discourse 2025 organized by Banking News, Dahal emphasized that there are numerous areas within the insurance sector that require significant reform.

Sharing his experiences, Dahal noted that even the regulatory body, the Insurance Authority, is still finding its footing. He acknowledged that widespread issues such as high premiums and delays in claim settlements have tarnished the reputation of the sector.

“This discourse is expected to draw the attention of all concerned stakeholders to these issues. Problems like surrender values in life insurance and claim settlements in non-life insurance have created significant challenges. It is the responsibility of all entities involved in the insurance sector to address these problems,” he said.

Dahal highlighted that the Insurance Authority is not just a regulatory body but also serves as an advisory entity to the Nepal government on insurance policies. He underscored the need to extend insurance coverage to underserved areas and ensure that all insurance companies are adequately empowered to achieve this goal.

“To bring improvements in the insurance sector, whether through call centers or by physically reaching out to rural communities, the Insurance Authority is working tirelessly to raise awareness,” Dahal said. He expressed optimism that the discourse would not only pose questions to the Insurance Authority and the government but also remind insurers of their responsibilities.

Dahal assured that he would assist in efforts requiring initiatives from the Ministry of Finance to improve the sector. He concluded by expressing hope that the discourse would inspire collaborative efforts to address key challenges and advance the insurance sector toward sustainable growth.