The payout marks Nepal’s first use of a parametric drought insurance policy, stakeholders said, with funds supporting food aid and farming tools in Bajura district.
The measures provide 90-day grace periods for premiums, coverage extensions, and loan repayments, with report submissions given a 30-day extension without fines or penalties.
Single premium sales jumped 36.5%, while banks remained the largest distribution channel for new business, accounting for S$593m (US$466m) of weighted premiums.
