The Nepal Insurance Authority (NIA) is preparing to develop a comprehensive safety strategy related to aviation insurance. During a one-day 'Aviation Risk Management Conclave' held in Kathmandu on Monday, Surya Prasad Silwal, chairman of the NIA, emphasized the need for a strategy to streamline and regulate aviation insurance in Nepal.

"As an insurance regulator, we have recognized the importance of establishing a stable and effective insurance framework for the aviation sector," Chairman Silwal stated. "This framework will align with international standards and promote aviation safety." He added that adherence to global guidelines is essential for ensuring safety.

Chairman Silwal also pointed out that aviation insurance in Nepal is complex due to the country's geographical and structural challenges. He highlighted global risks such as pandemics, cyber threats, environmental impacts, and climate change as key challenges faced by the insurance industry. He stressed the need for serious discussions on these risks.

At the event, organized by Sagarmatha Lumbini Insurance Company Limited (Salico), Chief Executive Officer Chunky Chhetri underscored the aviation sector's contribution to the economy and the critical role of insurance in its development.

"Nepal's tourism sector contributes 6.7 percent to the GDP, largely due to safe air travel, and insurance companies play a significant role in ensuring this," he said.

CEO Chhetri explained that aviation insurance is not just about mitigating accidents but also about fostering long-term partnerships to strengthen the industry.

"This conference is crucial for developing a strategy to manage aviation risks," he added. "By demonstrating that Nepal's skies are safe and our aviation industry meets international standards, we can boost the sector's credibility and contribute to the economy."

During the conference, where various concepts were discussed, Dr Narendra Nateja presented a paper on aviation risk management.