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Photo by Towfiqu barbhuiya on Unsplash 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. So, how will it change the industry? Let’s elaborate. What is reinsurance? Reinsurance, in simple terms, is a form of insurance that insurance companies purchase to protect themselves from the financial consequences of paying out large claims. It is a crucial component of the insurance industry as it helps insurance companies manage their risk and ensure that they are able to pay out claims to policyholders. As Nepal curr...