High-level conference focuses on strengthening Nepal’s insurance sector

KATHMANDU: A high-level insurance conference was held on Friday with the aim of strengthening Nepal’s insurance sector through enhanced risk management, regulatory reforms, and digital innovation.

According to the organizers, the conference focused on in-depth discussions on the current state of the insurance industry, key challenges, and emerging opportunities.

The event brought together stakeholders from across the sector, including representatives from the Nepal Insurance Authority, life and non-life insurance associations, chief executive officers of insurance companies, international experts, technology specialists, and policymakers.

Major themes of the conference included the role of insurance in economic development, consumer protection, risk-based supervision, sustainable insurance practices, and digital transformation.

Special emphasis was placed on improving regulatory frameworks and aligning Nepal’s insurance sector with international best practices.

Panel discussions and special sessions covered a wide range of issues such as regulatory and policy reforms, reinsurance systems, climate and economic risks, insurtech innovations, and the use of artificial intelligence and data analytics in insurance services.

Key speakers at the conference included Executive Director of the Nepal Insurance Authority Sushil Dev Subedi, Director Pujan Dhungel Adhikari, presidents of life and non-life insurance associations, chief executives of various insurance companies, representatives from the World Bank, and senior officials from leading technology firms.

The conference was organized by the Banking, Finance and Insurance Institute of Nepal (BFIN).

Organizers expressed confidence that the event would contribute to expanding collaboration within the insurance sector, strengthening consumer protection, promoting financial inclusion, and building a digitally empowered and resilient insurance system in Nepal.