Page 35 - The Insurance Times July 2025

insurance sector amid growing risks from natural disasters, To strengthen local capabilities, NIA
The core aim of the Bandhan Bank- economic vola lity, and climate change. To bolster
domes c capacity, the Nepal Insurance Authority (NIA) has has licensed domestic reinsurance
Bandhan Life bancassurance mandated that Nepal Re and Himalayan Re raise their brokers to reduce reliance on foreign
partnership is to bring essential minimum paid-up capital to NPR 20 billion by Magh intermediaries, improve negotiations,
insurance products to underserved and 2081 B.S. (early 2025), effec vely doubling their current
capital to improve resilience for large claims attract foreign premiums, and foster
rural areas where Bandhan Bank has a
The NIA also encourages partnerships with interna onally competitiveness.
deep-rooted presence. rated reinsurers—such as GIC Re, Hannover Re, and Swiss
Re—through retrocession agreements, enhancing global Insurance and Risk Financing Ini a ve underlines the
risk diversifica on and reinforcing trust in the market. cri cal role of interna onal collabora on in building
Nepal Re and Himalayan Re have already secured financial resilience against disasters.
retrocessions with over a dozen global firms. Meanwhile,
the UNDP led Insurance and Risk Financing Ini a ve To strengthen local capabili es, NIA has licensed domes c
highlights such interna onal collabora ons as essen al for reinsurance brokers to reduce reliance on foreign
disaster resilience. intermediaries, improve nego a ons, a ract foreign
premiums, and foster compe veness. These strategic
To reduce dependency on foreign intermediaries, NIA has moves are reinforcing Nepal’s insurance infrastructure and
licensed local reinsurance brokers, empowering them to contribu ng to a more robust, disaster-resilient financial
nego ate be er terms, a ract foreign premiums, and ecosystem.
foster domes c compe veness. Together, these efforts
Online Certificate Course are for fying Nepal’s insurance framework—enhancing Q: What message would you like to convey to young
financial resilience, promo ng inclusive capacity building, insurance professionals and researchers who wish to
on Artificial Intelligence and suppor ng a more robust, disaster-sensi ve insurance contribute meaningfully to the insurance ecosystem?
ecosystem.
in Insurance A: To emerging professionals and researchers in Nepal’s
insurance sector, I offer the following guidance. First,
Q: How is the Nepal Insurance Authority promo ng embrace lifelong learning and specializa on by engaging
Explore how AI is transforming the insurance awareness and financial literacy among the with ins tu ons like the Insurance Ins tute of Nepal (IIN),
insurance industry in this Online general public, especially in rural and underserved areas? which offers programs in risk assessment, digital
Course. Learn about real-world A: Reinsurance and global partnerships are key to transforma on, and actuarial science. Second, leverage
bolstering Nepal’s insurance sector amidst escala ng
tools, use cases, and insurtech natural disaster, economic, and climate-related risks. To technology for innova on—AI, machine learning, and
disruption. blockchain are transforming claims processing, fraud
enhance domes c resilience, the Nepal Insurance detec on, and customer service. Third, focus on inclusive
Authority (NIA) has mandated that Nepal Re and Himalayan
For details please visit Re raise their minimum paid up capital to NPR 20 billion by insurance solu ons such as microinsurance to serve
https://www.smartonlinecourse.com early 2025 (Magh 2081 B.S.), posi oning them for effec ve underserved rural and low-income popula ons. Fourth,
commit to ethical prac ces and professionalism; the
M: 8232083010 / 8697310275 large scale claim management. industry depends on trust. Engage with bodies like Nepal
NIA also encourages partnerships with interna onally Insurance and Risk Management Associa on (NIRMA) to
rated reinsurers—such as GIC Re, Hannover Re, and uphold ethical standards. Fi h, engage in research and
Swiss Re—through retrocession agreements, enabling policy development to address current challenges and
global risk diversifica on and reinforcing market contribute to future frameworks. Lastly, foster
confidence. Both Nepal Re and Himalayan Re have secured collabora on and networking by par cipa ng in industry
retrocession arrangements with more than a dozen forums and workshops, staying updated on global trends,
interna onal firms. Addi onally, the UNDP supported and learning from seasoned professionals. q

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The Insurance Times July 2025 31