News of Insurance – With over 19 years of experience in the insurance sector, Susil dev Subedi has been appointed as the Executive Director of the Nepal Insurance Authority as of January 23. Subedi succeeded Raju Raman Poudel, who retired last year, to take on this leadership role in the Authority.

Subedi, known for his regulatory expertise and simplicity in the insurance market, has over two decades of experience in the industry. He was born and raised in Chandragiri Municipality, Ward No. 6. Growing up in a family of educators, his father, Baldev Suvedi, was a teacher, while his mother, Sabitri Subedi, was a homemaker. Subedi’s siblings, brother Kapil Dev Subedi and sister Sugandha Subedi, were both recognized as top students throughout their school years.

Subedi, who was always an exceptional student in his early years, admits that he did not have much interest in sports, as he was one of the smallest in size and youngest in his class. Raised with discipline, Suvedi credits his father’s teaching for guiding him through his career and life. After completing his SLC in 2050 (1993), he initially considered studying science but later shifted to a Master’s in Management from Shankardev Campus.

During his higher studies, he sought job opportunities and eventually passed the civil service exam. On May 16, 2006, he joined the Nepal Insurance Authority as an Assistant Director. Reflecting on his early ambitions, Subedi reveals that during his childhood, he dreamt of becoming a writer or painter, but fate led him to the insurance sector. He even briefly worked as a teacher before fully dedicating himself to the insurance field.

Subedi’s 18 years and 10 months of service culminated in his appointment as the Executive Director. He was promoted to Deputy Director in May 2013, then to Director in April 2019, and has been a leading figure in the Authority for almost six years.

In a recent interview with News of Insurance, Subedi shared his thoughts on the current state and future of Nepal’s insurance market:

On His Appointment as Executive Director: “Having worked in the insurance sector for 19 years, I’ve gained invaluable experience. Looking back, I’ve had the opportunity to learn a lot about the challenges and prospects in this field. As Executive Director, I will continue to play a role in guiding the industry towards growth and stability.”

On the State of Nepal’s Insurance Market: “Compared to the past, the insurance sector is improving. There are ongoing efforts to refine and enhance the market. However, we still face challenges and are continuously working on solutions to keep the sector evolving with time. Recently, more and more people are showing interest in insurance.”

On the Role of the Regulator: “Being a regulator certainly brings unique challenges. The perspectives of insurance companies, re-insurers, brokers, and intermediaries often differ. While the intent is always positive, disagreements do arise. Our goal as regulators is to minimize such issues.”

On Making the Market More Effective: “We must focus more on international best practices. The future of the insurance market lies in adapting to customer needs and offering products that cater to those requirements. The companies and stakeholders in the sector need to take greater responsibility for ensuring the market’s growth.”

On the Role of the Nepal Rastra Bank’s Regulation: “Each sector has its own dynamics. While the banking sector focuses on lending and deposits, insurance deals with specific risks and requires tailored policies. The regulatory framework for insurance must address these unique challenges, and the Nepal Insurance Authority is committed to holding companies accountable.”

On Opportunities for Youth in the Insurance Sector: “There is great potential for young people in the insurance market. The key challenge, however, is impatience. Success in this field requires perseverance and patience. Although many youths are attracted to opportunities abroad, the insurance sector offers significant career potential for those willing to stay the course.”

In conclusion, Subedi’s experience and vision for the insurance market indicate a promising future, with a continued focus on enhancing regulatory frameworks, adapting to market changes, and creating opportunities for the next generation.