Nepal’s Ministry of Finance has announced special measures to accelerate insurance claim payments for losses caused by the recent destructive flood in the Bhotekoshi River. The ministry said the disaster caused extensive damage to hydropower projects, physical infrastructure, vehicles, agriculture and private property, creating an urgent need for quicker compensation and financial recovery for affected businesses and investors.

According to the ministry’s preliminary assessment, hydropower projects with a combined capacity of around 900 megawatts in the Bhotekoshi area represent investment of nearly Rs 180 billion, while significant losses have also been reported in other infrastructure and transport assets. A meeting attended by the finance minister, senior ministry officials, the Nepal Insurance Authority, insurance and reinsurance companies, and surveyor representatives discussed measures to speed up claims.

The meeting decided that genuine and verified claims should be processed immediately on a fast-track basis. Insurers will also be encouraged to provide interim or advance payments where necessary so reconstruction of major infrastructure, including hydropower facilities, can begin without waiting for final claim settlement. The Nepal Insurance Authority will coordinate efforts to make insurance surveys more transparent and impartial, with foreign expert surveyors allowed where required.

The authority will also simplify documentation requirements for claim processing and establish a Dedicated Task Force to monitor the daily status of Bhotekoshi-related claims, manage insurers’ cash-flow requirements and accelerate reinsurance recoveries. The press release is dated B.S. 2083/04/17.