News of Insurance – Finance Minister Bishnu Prasad Poudel has emphasized the significant role of the insurance sector in safeguarding human life, businesses, and assets from both natural and human-induced risks while ensuring financial security. He made these remarks while addressing the 2nd National Insurance Discourse 2025.

According to Minister Poudel, a resilient society can only be built through effective risk management. “The insurance sector plays a vital role in risk reduction, financial security, savings mobilization, capital formation, investment growth, and employment generation, all of which contribute to a self-sufficient and progressive economy,” he stated. He also highlighted that the government has been continuously working to promote and develop the insurance sector based on these principles.

To expand insurance coverage, the government has implemented various programs, including livestock and crop insurance, concessional insurance loans, and health insurance subsidies. These initiatives have led to a steady increase in the sector’s contribution to the economy. Minister Poudel further mentioned that policy reforms have significantly improved insurance accessibility across the country.

Currently, about 43 to 44 percent of the population is covered by insurance, including foreign employment and term insurance schemes. However, Poudelstressed the need to accelerate insurance literacy campaigns to ensure effective and sustainable insurance coverage, especially for remote and low-income groups.

“The government aims to expand insurance access and enhance service efficiency based on citizens’ life cycles,” Poudel stated. He also emphasized that risk reduction is key to building a prosperous society and a strong economy. Integrating insurance with social security policies aligns with this objective, he added.

The government has prioritized several measures, including the expansion of health insurance, microinsurance, agricultural insurance, and concessional insurance loans. Additionally, efforts are being made to strengthen the regulatory capacity of the insurance authority, streamline claims processing, and combat insurance fraud. These aspects will receive further attention in the coming days, Poudel assured.

He also noted that the government is focusing on risk-based supervision for insurers, enhancing regulatory effectiveness, and improving the institutional capacity of reinsurance companies. He expressed confidence that the National Insurance Discourse 2025 will generate concrete recommendations for promoting and strengthening the insurance sector. Such discussions also serve to motivate regulators to improve the sector’s efficiency, he concluded.