How local reinsurance brokers can push Nepal’s insurance industry forward

The insurance industry in Nepal is on the verge of a major transformation with the Nepal Insurance Authority issuing licences to 10 companies to conduct reinsurance brokerage.

This marks a significant shift in the way that Nepali insurance companies purchase reinsurance policies from now onwards as they are being done through India-based brokers until now. But, with the growing need for local brokers, the insurance regulator has taken the necessary steps to bring this vital component of the insurance industry in-house.