Nepal

Axco provides details on the life insurance sector including Nepalese market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Nepal, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Nepalese pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Nepal report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

Nepal is one of the poorest countries in the world, with a very large proportion of its population operating outside the cash economy. Insurance of any kind is, therefore, irrelevant for most people and, in consequence, both the life and non-life insurance sectors are very small in terms of premium revenue, although efforts are being made to introduce microinsurance products aimed at the rural community ....

Until the passage of the Contribution Based Social Security Act 2074 (2017), which became effective on 11 November 2017, the only provision for saving money for retirement had been either the Employee Provident Fund (KSK), established by the Employee Provident Fund Act 2019 (1962) and subsequent amendments, or the Citizen Investment Trust (NLK), established by the Citizen Investment Trust Act, 2047 (1991).

A new National Health Insurance Policy was approved by the government in April 2014. As part of this, the Nepal Health Sector Strategy (NHSS) 2015-2020 is intended to develop the health sector in accordance with the guaranteed access to basic health services and universal health coverage which is part of the new constitution. The NHSS calls for free delivery of basic health provision, with additional services being provided through social health programmes and health insurance. In January 2015 it was announced that a new Social Health Protection Committee ....