Shafaqna English– Last week’s catastrophic flooding in Nepal is expected to result in commercial insurance losses exceeding 20 billion Nepali rupees ($132.3 million), with hydropower projects accounting for the majority of claims, according to a senior official from one of the country’s major insurance companies.
These payouts will cover losses sustained by power plant operators, while life insurance, personal accident, and workers’ compensation claims will be processed separately as authorities continue to verify deaths and locate missing persons in remote and inaccessible areas.
The disaster, which struck Nepal’s border region with China’s Tibet, has caused an estimated $2.56 billion in economic losses to the Himalayan nation of 30 million people, according to the country’s disaster management authority chief, who spoke to Reuters on Friday. The floods have left over 1,200 dead and many more still unaccounted for.
Source: Reuters