"My company, which is the largest reinsurer in Nepal, is preparing itself to pay around USD 160 million (Rs 1,000 crore) of claim out of the devastation caused by 7.9 earthquake that shook the densely-populated Kathmandu valley and the rest of the Himalayan kingdom," GIC Re chairman and managing director A K Roy told reporters.
He further warned, "Rs 1,000 crore is the maximum that we should be paying in the worst scenario. We have done reinsurance business with 13 Nepalese non-life companies. We are expecting claims from segments like power plants, housing complexes, commercial buildings and hotels. The claims may lead to higher reinsurance premium in the region."

GIC Re also hinted that it may increase its reinsurance premium in Nepal in the future.

"As of now, we don't know the quantum of our loss in Nepal. The only thing that I can say at the moment is in case our loss goes higher, then it will definitely result in increasing the premium amount for providing reinsurance cover in that country," he said.

The company has already started the process of assessment and will begin claim settlement by next week.

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