Kathmandu – Finance Minister Bishnu Prasad Poudel has emphasized the critical role of the insurance sector in protecting lives, businesses, and assets from natural and man-made risks while ensuring financial security. Speaking at the 2nd National Insurance Discourse 2025, he highlighted the importance of effective risk management in fostering a resilient society.

“Risk mitigation, financial security, mobilization of savings, capital formation, investment growth, and employment creation are all pivotal elements for building an independent and prosperous economy, where the insurance sector plays a significant role,” said Minister Poudel. He also reaffirmed the government’s commitment to promoting and developing the insurance sector as a priority.

The Finance Minister stated that initiatives to expand insurance coverage, such as livestock and crop insurance, subsidized insurance loans, and health insurance subsidies, have progressively contributed to the economy. Government reforms aimed at increasing insurance accessibility have shown positive results, he noted.

Currently, about 43-44% of the population is covered under various insurance schemes, including foreign employment insurance and term insurance, according to Minister Poudel. He stressed the need for accelerating insurance literacy campaigns to ensure insurance services reach remote areas, low-income groups, and all sections of society.

Minister Poudel also underscored the government’s intent to expand insurance coverage throughout the lifecycle of citizens while improving service efficiency. He highlighted the integration of insurance with social security to reduce risks and strengthen the economy.

The government has prioritized expanding health, micro, and agricultural insurance, along with subsidized insurance loans. Efforts are also underway to enhance the regulatory capacity of oversight bodies, ensure efficient claims processing, and address insurance fraud.

“Steps are being taken to implement risk-based supervision for insurers, strengthen regulatory frameworks, and improve the institutional capacity of reinsurance entities,” Minister Poudel explained. He expressed optimism that the discourse would provide concrete suggestions for promoting and strengthening the insurance sector. Such events, he said, serve as a wake-up call for regulators and policymakers alike.

The Finance Minister reaffirmed the government’s commitment to driving the insurance sector forward, aiming for a more inclusive and sustainable economic future.