27th April 2025, Kathmandu
A one-day seminar on “Contemporary Issues in Risk Management and Insurance” was successfully concluded in Biratnagar on Saturday. The event was organized by the Nepal Insurance Research and Management Association in collaboration with the Nepal Insurance Professional Society (NIPS). It saw participation from 160 employees representing life, non-life, and microinsurance companies.
Risk Management Insurance Seminar
Inaugural Session Highlights
The seminar’s inaugural session was presided over by Khadga Bahadur Shrestha, the President of NIPS in the Koshi Province. The opening ceremony was jointly led by Vinod Pokharel, Head of the Koshi Province at the Nepal Insurance Authority (NIA), Dr. Ravindra Ghimire, President of Nepal Insurance Research and Management Association, and Khadga Bahadur Shrestha. The welcome address was delivered by Pradeep Babu Tiwari, Vice President of NIPS, and the event was conducted by Secretary Prakash Pokharel.
Experts Emphasize the Importance of Ethics and Training
During the seminar, various industry experts emphasized the importance of ethics and regular training in the insurance sector. Omprakash Rathi, a Central Member of the Nepal Insurance Surveyors Association, pointed out the need for updated knowledge and professional conduct in the industry. He stressed the importance of ethical behavior for insurance professionals and surveyors.
Damodar Bhandari, Deputy CEO of Nepal Reinsurance Company, stated that such training programs are crucial for improving business quality, reducing ethical risks, and enhancing the company’s credibility. He also highlighted that the reinsurance company remains committed to developing the skills of its employees.
Key Objectives of the Seminar
The main objectives of the seminar were to provide advanced training on insurance principles, underwriting, claims management, reinsurance, and current risk management techniques. The program also aimed to teach modern risk analysis and fraud control methods, share international best practices, and foster an environment for research and discussion within the insurance sector.
Sessions on Contemporary Issues in Risk Management
The seminar included five informative sessions. Dr. Ravindra Ghimire presented on risk management and contemporary issues in the insurance sector.
He addressed ethical problems within the insurance industry, the need for improving service levels, and the importance of making Nepal’s insurance industry more trustworthy. He urged employees to maintain integrity, transparency, and up-to-date knowledge to enhance the social recognition of the insurance sector.
Vinod Kumar Pokharel, an insurance expert, gave a detailed presentation on corporate governance and legal provisions related to insurance. He discussed the rights, duties, and penalties for employees, management, and board members according to the Insurance Act and Regulations.
Pokharel also reminded the participants of the need to carefully check premium rates and policy documents before issuing insurance policies, stressing that all employees should share responsibility in implementing rules.
Claims Management and Underwriting Practices
Ishwor Pradhan, Chief Manager at Nepal Reinsurance Company, shared insights on claims management and underwriting practices. He emphasized the importance of following proper underwriting processes and conducting thorough verification during claims handling. He warned against fraudulent claims and highlighted the role of disciplined claims management in ensuring the long-term stability of insurance companies.
Challenges in Risk Management and Insurance in Nepal
Udayraj Adhikari, an expert in risk management and insurance, spoke about the challenges faced by the insurance sector in Nepal. He pointed out the need for better coordination and improvement in risk identification, assessment, and mitigation among insurance companies in Nepal. He emphasized that insurance employees should not just be sellers but also act as risk advisors, building customer trust through transparency and professionalism.
Life Insurance Challenges Discussed
Narayan Kumar Bhattarai, an insurance expert, focused on the challenges in life insurance, such as premature policy cancellations, low returns, unhealthy competition, insufficient training, regulatory instability, fraud, and internal weaknesses. He also explained how premiums are determined based on risk grouping and mortality rates in life insurance.
Positive Feedback from Participants
At the end of the seminar, two participants reviewed the event, acknowledging its significance and requesting more in-depth training sessions on complex topics from Nepal Insurance Research and Management Association in the future. The seminar concluded with the distribution of certificates to the participants.
This seminar in Biratnagar provided valuable knowledge to insurance employees and professionals, focusing on enhancing the overall quality and integrity of the insurance industry in Nepal.
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