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  • Property and Engineering Insurance

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    MIS Beema
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    The document discusses the need to implement minimum premium rates for non-tariff insurance businesses in Nepal. Currently, there is cutthroat competition and price wars in the non-tariff insurance sector due to different pricing for the same risks among insurance companies. Establishing minimum rates would help remove price cutting, stop unhealthy competition, improve risk management and reinsurance management, and boost the international image of Nepal's non-tariff insurance industry. The document also notes the need to update property insurance directives to address the tariffs of emerging high-risk industries like hydroelectric power as well as low-risk industries and prevent malpractices from unclear tariffs.

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    The document discusses the need to implement minimum premium rates for non-tariff insurance businesses in Nepal. Currently, there is cutthroat competition and price wars in the non-tariff insurance sector due to different pricing for the same risks among insurance companies. Establishing minimum rates would help remove price cutting, stop unhealthy competition, improve risk management and reinsurance management, and boost the international image of Nepal's non-tariff insurance industry. The document also notes the need to update property insurance directives to address the tariffs of emerging high-risk industries like hydroelectric power as well as low-risk industries and prevent malpractices from unclear tariffs.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    15 views8 pages

    Property and Engineering Insurance

    Uploaded by

    MIS Beema
    The document discusses the need to implement minimum premium rates for non-tariff insurance businesses in Nepal. Currently, there is cutthroat competition and price wars in the non-tariff insurance sector due to different pricing for the same risks among insurance companies. Establishing minimum rates would help remove price cutting, stop unhealthy competition, improve risk management and reinsurance management, and boost the international image of Nepal's non-tariff insurance industry. The document also notes the need to update property insurance directives to address the tariffs of emerging high-risk industries like hydroelectric power as well as low-risk industries and prevent malpractices from unclear tariffs.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 8

    Interaction with Honorable Finance

    Minster Regarding Minimum Tariff for


    non-Tariff Insurance Business
    Present scenario of Non-Tariff Insurance
    Business in Nepal
    • Beema Samiti has introduce tariff in different insurance business like:
    • Property Insurance
    • Motor Insuance
    • Marine Insurance
    • Bankers Indemnity Insurance
    Non-Tariff Insurance Business In Nepal
    • All Risks (Except Plate Glass) • Contractor's Plant and Machinery
    • Burglary and housebreaking • Contractor's All Risks
    • Money Policy • Erection All Risks
    • Electronic Equipment • Plate Glass Insurance
    • Product Liability
    • Professional Indemnity
    • Loss of Profit(Hydro Power)
    • Machinery Breakdown
    Major Issue in Non tariff Insurance Business
    • Different Pricing for same risk class insurance business in different
    insurance companies
    • cutthroat competition in insurance industry
    • Price war exist
    • Fear of monopoly in insurance industry
    • improper Risk Management.
    • Dealing with huge risk with low premium
    • Hard to find Reinsurance Management
    • Degradation in International Image of Nepalese non-tariff insurance
    business.
    Minimum Tariff for non-Tariff Insurance
    Business
    • non tariffguideline-2.docx
    Need of implementation of minimum premium
    rate for non-tariff insurance business
    • To remove price cutting in insurance industry
    • Stop unhealthy competition in term of tariff
    • For Reinsurance Management
    • Risk management of insurance industry for sustainable growth.
    • To minting Uniformity in tariff in insurance industry
    • To build international Image in Reinsurance sector.
    Update in Property Directive
    2075
    Need for Update in Property Insurance
    Directives 2075
    • To add tariff for omitted and emerging industry like: Cement industry,
    Alichi, masala industry & stationary
    • To address tariff of industry with high Risk class like Hydroelectricity
    power stations.
    • To manage tariff of industry with low risk class like: agro related
    industry
    • To stop the malpractice of related tariff due unclear tariff of industry.
    • To add Loss on profit add on industry in Nepal
    • To response contemporary scenario of industry

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