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COUNTRY DIAGNOSTIC ON INCLUSIVE INSURANCE AND RISK FINANCE FOR NEPAL
COUNTRY DIAGNOSTIC ON INCLUSIVE INSURANCE AND RISK FINANCE FOR NEPAL
March 19, 2024
The diagnostic report highlights that Nepal is among the top ten countries most affected by climate change and highly vulnerable to floods, landslides, earthquakes, and droughts. The Government of Nepal is committed to enhancing the insurance industry's capacity to provide accessible and affordable insurance products, as demonstrated by recent legal updates such as the Insurance Act 2079, which includes several microinsurance provisions. While credit-life microinsurance and agriculture insurance offer financial protection to low-income and vulnerable Nepali households, the overall inclusive insurance market still lags due to low awareness about insurance and data gaps that hinder insurance companies from offering products tailored to customer needs.
