• 4411510, 4411520, 4411735
  • nbic@mos.com.np

The insurance pool is one of the forms of risk management mostly practiced by insurance companies. Under this system, insurance companies come together to form a pool, which can provide protection to insurance companies against catastrophic risks such as floods, earthquakes, RSTMDST etc.
There are two types of treaties 1. Proportional Under proportional reinsurance, one or more reinsurers take a stated percentage share of each policy that an insurer writes. This means that the reinsurer will receive that stated percentage of the premiums and will pay the same percentage of claims. In addition, the reinsurer will allow a ceding commission to the insurer to cover the costs incurred by the insurer (marketing, underwriting, claims etc.). 2. Non-proportional Under non-proportional reinsurance the reinsurer only pays out if the total claims suffered by the insurer in a given period exceed a stated amount.
Normally, catastrophic risks are not self-insured as they are highly unpredictable and high in loss-value. Catastrophic risks are normally underwritten by the re-insurance .Any risk where the potential loss is so large that no one could afford to pay the market premium required to provide cover would not be commercially insurable. An example is that earthquakes cannot be fully insured against because an earthquake can cause more damage than any insurer or the combined insurance market is willing to risk in total assets.
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management. An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate the insured in the case of a financial (personal) loss. Whereas, Reinsurance is insurance that is purchased by an insurance company (the “ceding company” or “cedant” or “cedent” under the arrangement) from one or more other insurance companies (the “reinsurer”) directly or through a broker as a means of risk management. The ceding company and the reinsurer enter into a reinsurance agreement which details the conditions upon which the reinsurer would pay a share of the claims incurred by the ceding company. The reinsurer is paid a “reinsurance premium” by the ceding company, which issues insurance policies to its own policyholders.
Reinsurance is insurance that is purchased by an Insurance company (the “ceding company” under the arrangement) from one or more other insurance companies (the “reinsurer”) directly or through a broker as a means of risk management. It is transferring of Risk from ceding company to reinsurer.
Yes you have the right to appeal to the Beema Samiti, if you are not agreed on company’s decision.
Compensation amount will be accessed by the insurance surveyors who are the license holder from the Beema Samiti and it will be the as per the norms which has been approved from the Beema Samiti but amount could be lesser than surveyors report if insurance company will found any lapses on the same.
It depends, it’s not sure how long it will take to settle the claim it’s up to the client so normally it will take just 10 days to settle the claims after submission of complete documents which are asked by insurance company.
To be a insurance surveyor he or she should be a engineer or ca (should complete his/ her fixed experience as per the rule of the Beema Samiti) or insurance professionals (should complete his/ her fixed experience on fixed position as per the rule of the Beema Samiti) and they will be qualified for insurance surveyor after having surveyor’s license from the Beema Samiti. Clients never need to pay any bill or amount to surveyors; Insurance Company will pay his survey bill except marine claims (which is also not compulsory).
After you report your claim to us, either we will send insurance surveyor for inspection of loss or we will guide you for the process and documentation whichever.

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