Kathmandu, Mar 9:The twelfth Insurance Congress of Developing Countries (ICDC) will begin in Kathmandu on March 12 with over 400 participants representing all continents in the first ever such meeting of insurance businesses in Nepal.

Finance Minister Dr Ram Sharam Mahat will inaugurate the three-day conference, which will broadly discuss the challenges the emerging insurance markets face in the 21st Century.

“Over 230 participants from around the world and an equal number of local participants will attend the conference organised for the first time in Nepal,” said Lava Prasad Sharma, the Chairman of Insurance Board. Sharma is also the head of the Organising Committee. This is stated in a press released issued by ICDC today.

“So far 194 international representatives have confirmed their participation,” said Ramesh Raj Bhattarai, Secretary at the Board. “We expect more confirmations.”

According to the Organising Committee, the Congress will be a forum where insurers, re-insurers, regulators  and surveyors of both developed and the developing countries will exchange their experiences in solving the problems facing the insurance business. “Nepal expects to benefit a lot from the Congress.”

“We are currently facing several challenges in helping insurance businesses grow at home due to the lack of interest, knowledge and awareness among the prospective clients.” said Sharma. “Even big industrialists, who do realise the importance of full value insurance, are only partially insured. “According to Sharma, business houses choose to have their bank loans insured because the lending institution requires that of them. Had there been an option, they would have ignored insurance even for their loan amount, he added. “This tendency has affected the insurance business and undermined its importance.”

Despite all that, Nepal’s 1.25 billion rupees insurance market is growing by 20-25 per cent annually, according to Sharma, and the premium collection this year is likely to touch the 1.5 billion market. “We expect the non-life part of insurance to rise to 1.25 billion rupees and life insurance to recover 300 million rupees by the end of the current fiscal year,” he said. Resource persons from South Asia, Middle East, Africa, America and Europe will present 11 working papers highlighting various aspects of insurance during the meeting.