Change in law for new insurance package mooted

By A Staff Reporter

Kathmandu, Feb. 20: Despite terrorist attack on September 11, the prospects for insurance market are ever increasing across the globe. Considering the threat of terrorism in Nepal, new packages of insurance can be introduced, said K.M. Dastur, an insurance expert.

Speaking at a talk programme on ‘Insurance" organised by Nepal Britain Chamber of Commerce and Industry (NBCCI), Dastur explained how insurance business is running in the present global context. Insurance today is more important than ever before as a risk transfer vehicle owing to the changing nature of risk caused by the impact of Legislation, highly complex contracts and technology, he said.

Dastur further said that the overall insurance today is required to provide a value addition that enhances a clients business by enabling them to take more risks, yet fully protecting the company’s balance sheet.

In today’s insurance markets around the world three are numerous coverage available in a specified event or on an all risk basis, he added.

Dastur also pointed out the need for changes in the legislation to introduce new insurance packages in the country.

Rajendra Khetan of President of the NBCCI underlined the need to introduce new packages that cover damage through the act of terrorism.

Industrialists, businessmen and media people were participating in the talk programme.

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