News of Insurance – Himalayan Everest Insurance Company is preparing to introduce an insurance policy specifically designed for women, according to the company’s Chief Executive Officer (CEO), Anju Shrestha. She stated that considering the current needs, there is an urgent requirement to introduce policies that are both accessible and essential for women.

In an interview with Banking News, CEO Shrestha emphasized the importance of innovation in the insurance sector. “Insurance is not just a business; creativity in policy formulation is also necessary. We need policies that cater specifically to women, ensuring broader insurance coverage and introducing innovative products in the market,” she said.

With women making up more than half of the country’s total population, CEO Shrestha pointed out that it is high time for insurance companies to consider their economic upliftment and inclusion. Despite their significant demographic share, both life and non-life insurance companies in Nepal have yet to introduce substantial women-focused insurance products. She believes that if insurance companies prioritize innovation, public interest in the sector would also increase.

Recently, there has been a growing demand for creativity in insurance policies rather than just focusing on business. “To expand the reach of insurance, companies must introduce new policies based on market needs. Identifying and creating the right policies can contribute to improving the insurance sector to some extent,” CEO Shrestha explained.

She further highlighted the importance of policies addressing women’s health concerns, such as cervical cancer and breast cancer. “Many women die due to a lack of proper treatment. If we introduce policies covering such health conditions, lives could be saved,” she said, adding that the company is actively working on bringing such policies to the market.

Currently, the Nepalese insurance market is largely dominated by motor insurance in the non-life sector and term and foreign employment insurance in the life sector. While international markets continue to introduce innovative insurance products, Nepal’s industry remains stuck in outdated policies, leading to unhealthy competition among companies, CEO Shrestha remarked. She stressed that as the global insurance industry advances rapidly, Nepal must also focus on product development to keep up with the changing trends.