Beema Samiti, Nepal’s insurance regulatory authority, reportedly has announced that a microinsurance program is expected to be extended to individuals and microenterprises in Nepal in May 2012 by private insurers. The product will cover up to NPR 100,000 (USD 1,200) against accidents and loss of livestock, crops, and life. Regulators are encouraging insurance companies to also insure microenterprises for “water mills, tea shops, rickshaws and vending carts” and will monitor the affordability of premiums. Premium levels have not been announced [1].
By Brendan Millan, Research Associate
About Beema Samiti: Formed in 1992, Beema Samiti is Nepal’s insurance regulatory authority, which operates as an agency of the Nepalese Ministry of Finance. Beema Samiti’s mission is to “help develop the Nepalese economy and uplift the living standard of the Nepalese people through fair, equitable and sustainable development of the whole insurance sector”. It issues, renews and dismisses the licenses of insurance companies, insurance surveyors and insurance agents.
Sources and Resources:
[1] Insurance Insight: “Microinsurance Extended to Nepal’s Rural Poor” by Francesca Nyman. http://www.insuranceinsight.eu/insurance-insight/news/2168572/microinsurance-extended-nepals-rural-poor
MicroCapital.org Article, February 27, 2012, “Insurance Regulatory Authority of Nepal to Launch Microinsurance Guidelines in March”, https://www.microcapital.org/microcapital-brief-insurance-regulatory-authority-of-nepal-to-launch-microinsurance-guidelines-in-march/
MicroCapital.org Article, October 26, 2011, “Nepalese Government Plans to Introduce Microinsurance Program in 10 Rural Districts,” https://www.microcapital.org/microcapital-brief-nepalese-government-plans-to-introduce-microinsurance-program-in-10-rural-districts/
MicroCapital Universe Profile: Beema Samiti, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Beema+Samiti+(Insurance+Board)
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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