Mumbai, January 21 – Rajendra Maharjan, Deputy Director of the Nepal Insurance Authority, emphasized the need to build an insurance ecosystem in Nepal to address risks posed by natural disasters. Speaking at the “Global Reinsurance Summit 2025,” currently underway in Mumbai, Maharjan highlighted the regulator’s focus on fostering such an ecosystem to enhance resilience against natural calamities.

Addressing the third session, titled “Driving Regional Resilience and the Evolving Role of Regional Reinsurers and Regulation,” Maharjan stated that Nepal’s Himalayan geography makes it highly vulnerable to earthquakes and other disasters. He recalled the devastating 2015 Gorkha earthquake and pointed out the increasing risks posed by climate change and challenges in rural areas.

The session, moderated by the former General Manager of GIC Re, included distinguished speakers such as the Chairman and CEO of Asian Re, the Chief Underwriting Officer of GIC Bhutan Re, Arun Kumar, and the CEO of Imperial Specialty Insurance Brokers, Sri Lanka, Thanuja Danwatte. Maharjan led a delegation of over 18 Nepali representatives at the summit.

Maharjan emphasized Nepal’s limited insurance penetration in rural areas and the need for innovative products to address natural disasters like floods and landslides. He mentioned plans to mitigate these risks, including the development of hydropower projects to reduce flooding impact.

“This discussion highlights the importance of regional collaboration in risk assessment, cooperation, and innovation in the insurance sector,” said Maharjan. “As a regulatory body, we are focusing on enhancing consumer protection, regional growth, inclusivity, and sustainability in insurance.”