Kathmandu, Nov 25: The government has decided to insure all public assets, beginning with the Finance Ministry. Ministry spokesperson Tank Prasad Pandey said the ministry has insured 20 of its vehicles as a starting point. The broader plan, approved in a cabinet meeting on October 5, aims to cover all government vehicles and physical structures.

Currently, immediate insurance for physical infrastructure is not feasible, so the program will expand through next year’s budget. Pandey noted that budget constraints limited the initial rollout, but next year funds will be allocated specifically for comprehensive coverage.

The move follows the widespread damage to government buildings, vehicles, and assets during the Gen Z protests on September 23–24, which affected the Singha Durbar, Parliament, the President’s Office, Supreme Court, district courts, police offices, and provincial and local offices. The destruction highlighted the cost of not having insurance, as the state had to rely on donor support and government funds for repairs.

Insurance experts, including Dr. Ravindra Ghimire, say the initiative will transfer liability from the state to insurance companies, reducing financial burdens and enhancing risk management. The Nepal Insurance Authority has confirmed that current policies can cover public assets, and new policies may be designed to support the initiative.

So far, the government’s reconstruction fund has collected 93 million rupees. Experts stress that insuring all government and semi-government assets will prevent similar financial pressures in the future, promote the insurance sector, and make disaster recovery more efficient.

This step marks a significant shift in government policy, recognizing insurance as a key tool in protecting public property and reducing fiscal risks.

People’s News Monitoring Service