Nepal Insurance Authority to Implement Wildlife Risk Insurance Policy from July 17

Kathmandu. The Nepal Insurance Authority is implementing the wildlife risk-focused insurance policy prepared for the risk management of human and physical damage caused by wildlife attacks from the 1st of Shrawan.

According to the authority, this insurance policy has been prepared at the request of the provincial and local governments, the Department of National Parks and Wildlife Conservation, and various bodies in wildlife-affected areas. It has been informed that suggestions were also taken by discussing with government bodies, wildlife experts, buffer zone user committees, and residents of affected areas during the construction of the insurance policy.

Under the new arrangement, licensed life and micro-life insurance companies will be able to issue this insurance policy. The policy will be for one year, and insurance can be obtained for various risks by paying an annual premium of fifteen hundred rupees.

Under the insurance policy, up to 10 lakh rupees will be available for insurance benefits in case of accidental death or complete disability due to wildlife attacks, 5 lakh rupees for temporary complete disability, 1 lakh rupees for treatment of serious injuries, and up to 20 thousand rupees for treatment of minor injuries.

Similarly, arrangements have been made to claim insurance of up to 5 lakh rupees for damage to houses and other physical structures due to wildlife attacks, 1 lakh rupees for damage to livestock for agricultural purposes, and up to 50 thousand rupees for crop damage.

The authority has stated that the insurance policy will cover damages caused by wildlife such as elephants, rhinos, tigers, bears, leopards, foxes, deer, wolves, wild dogs, wild boars, buffaloes, crocodiles, gaur, pythons, nilgai, monkeys, and wild pigs.

According to the authority, the data from the Department of National Parks and Wildlife Conservation shows that the Government of Nepal has been distributing more than 15 crore rupees annually in relief due to damages caused by wildlife. In the last five years alone, data shows that approximately 78 crore rupees in relief have been provided to those affected by wildlife. The authority has expressed confidence that affected citizens will receive compensation quickly and systematically through risk management via the insurance system.