The April 2015 Nepal earthquake killed nearly 9,000 people and injured nearly 22,000. It occurred at 11:56 Nepal Standard Time on 25 April 2015, Continued aftershocks occurred throughout Nepal at the intervals of 15–20 minutes, with one shock reaching a magnitude of 6.7 on 26 April. A major aftershock occurred on 12 May 2015 at 12:50 NST with a moment magnitude (Mw) of 7.3. The epicenter was near the Chinese border.
Around 3 lac buildings which includes houses, commercial establishments, schools, hotels etc. were stated to have suffered extensive damage.
Although insurance penetration in the country is very very low & most of the affected building were un-insured still the Policyholders had made a total of 17,782 claims for losses.
Fire insurance in Nepal, in general, provides coverage of property like office and residential building, factory building, plant and machinery and various equipment from fire, lightning and earthquake.
Insurers made the highest compensation payment under the ‘fire’ heading to the 9,755 eligible claimants. Fire insurance in Nepal, in general, provides coverage of property like office and residential building, factory building, plant and machinery and various equipment from fire, lightning and earthquake. Similarly there were around 1000 claims for motor & 110 for engineering verticals.
We were one of the few surveyors who were engaged for assessment of losses to the properties & worked for the Indian as well as the Nepalese insurance co’s under a special permission from insurance regulator of Nepal.