[53], In the 11th century, a powerful empire of Khas people emerged in western Nepal whose territory at its highest peak included much of western Nepal as well as parts of western Tibet and Uttarakhand of India. In the middle of the first millennium BC, Gautama Buddha, the founder of Buddhism, was born in Lumbini in southern Nepal. [88] The Eastern half of Nepal is richer in biodiversity as it receives more rain, compared to western parts, where arctic desert-type conditions are more common at higher elevations. The president is the symbol of national unity. On the one hand the supply of goods and services has led to various activities. Issues related to moral hazards are also a problem in the Nepali insurance business. [243] By percentage of population, Nepal has the largest population of Hindus in the world. The military expenditure for 2018 was $398.5 million,[169] around 1.4% of GDP. [104] These include the endangered Bengal tiger, the Red panda, the Asiatic elephant, the Himalayan musk deer, the Wild water buffalo and the South Asian river dolphin,[105] as well as the critically endangered Gharial, the Bengal florican,[88][106] and the White-rumped Vulture, which has become nearly extinct by having ingested the carrion of diclofenac-treated cattle. [48], In the mid-18th century, Prithvi Narayan Shah, a Gorkha king, set out to put together what would become present-day Nepal. [320] Popular children's games include versions of tag,[321] knucklebones,[321] hopscotch, Duck, duck, goose[321] and lagori, while marbles,[321] top, hoop rolling and gully cricket are also popular among boys. Nepal bank marks the beginning of a new era in the history of modern banking in Nepal. Before 1947, India … The Shah dynasty established the Kingdom of Nepal and later formed an alliance with the British Empire, under its Rana dynasty of premiers. Nepal is a signatory to the Geneva Convention, Conventions/Treaties on the prohibition of Biological, Chemical and Nuclear weapons,[138] International Labour Organization Fundamental Conventions, Treaty on the Non-Proliferation of Nuclear Weapons and the Paris climate accord. In the late 14th century, Jayasthiti Malla introduced widespread socio-economic reforms, principal of which was the caste system. By the middle of the 15th century, Kathmandu had become a powerful empire which, according to Kirkpatrick, extended from Digarchi or Sigatse in Tibet to Tirhut and Gaya in India. The traditional kurta suruwal is rarely worn by younger women, who increasingly favour jeans. Severe flooding and landslides cause deaths and disease, destroy farmlands and cripple the transport infrastructure of the country, during the monsoon season each year. There have been numerous disappearances of solo trekkers in recent years. The devastating earthquake of 2015 with the huge loss of human lives and property proved to be an important lesson in this regard. [94] In the lower hills (700 m – 2,000 m), subtropical and temperate deciduous mixed forests containing mostly Sal (in the lower altitudes), Chilaune and Katus, as well as subtropical pine forest dominated by Chir Pine are common. Major imports include various finished and semi-finished goods, raw materials, machinery and equipment, chemical fertilizers, electrical and electronic devices, petroleum products, gold, and readymade garments. Marriage is thought to be for life, and the divorce rate is extremely low, with less than one in a thousand marriages ending in divorce. Nepal hosts the permanent secretariat of the South Asian Association for Regional Cooperation (SAARC), of which it is a founding member. [338][349][350] Very few players are able to make a living as professional sportspeople. [153], Nepal pursues a policy of "balanced relations" with the two giant immediate neighbours, India and China;[154][155] the 1950 Treaty of Peace and Friendship with India provides for a much closer relationship. Rising Investments The total investible amount of insurers in life and non-life insurance business has been constantly rising. [338] Nepal has never won an olympic medal. The basis of compensation also needs to be revised. The addition of the newcomers brings the total number of insurance companies in Nepal to 42, a number that signals a new era for market expansion of insurers and increase in access to insurance in Nepal. As this issue has yet to be settled, the 35-forest-type classification is generally preferred to the ecological categorization. “Given the high exposure to agriculture across the population, agriculture insurance and disaster risk protection products are a gap in the market that should be further investigated,” states the Nepal Financial Inclusion Report 2016. Nevertheless, with an estimated present market size of around Rs 48 billion, the Nepali insurance sector has seen remarkable growth in the post-liberalisation era that started after the political change of 1990. The Companies Among the insurers in the life insurance business, six have investment from Nepali private sector investors. The increasing number also shows rising investor confidence in the domestic insurance market. [24] According to Gopalarājvamshāvali, the genealogy of ancient Gopala dynasty compiled circa 1380s, Nepal is named after Nepa the cowherd, the founder of the Nepali scion of the Abhiras. Always hire a guide or trek with other people. [257][258] Tens of thousands of Nepali students leave the country every year in search of better education and work, with half of them never returning. [145] Nepal was ranked 76 out of 163 countries in the Global Peace Index (GPI) in 2019. Similarly, the interest of general public towards insurance over the last few years has grown as more Nepalis are looking to get insured. Nepal is a secular country, as declared by the Constitution of Nepal 2072 (Part 1, Article 4), where secularism 'means religious, cultural freedom, along with the protection of religion, culture handed down from time immemorial(सनातन)'. [305] Among the Aryans, it is also wrapped once around each leg before being brought up through the legs to be tucked in at the back. Jaggy said 2 years ago. [89] In its 35 forest-types and 118 ecosystems,[88][f] Nepal harbours 2% of the flowering plant species, 3% of pteridophytes and 6% of bryophytes. The insured gets a medical support in case of medical insurance policy. In this account, the cow that issued milk to the spot, at which Nepa discovered the Jyotirlinga of Pashupatināth upon investigation, was also named Ne. There are 6,743 wards in total. Each became staples of use. [5] According to the 2011 census, Nepal's population was 26.5 million, almost a threefold increase from nine million in 1950. [266] Anaemia in women and children increased between 2011 and 2016, reaching 41% and 53% respectively. It has been combined with an underskirt, or the petticoat, and tucked in the waistband for more secure fastening. Besides these, companies are also seen launching new products in order attract more Nepalis into insurance. The Constitution of Nepal, adopted in 2015, affirms Nepal as a secular federal parliamentary republic divided into seven provinces. Its transaction amounted to Rs 2 billion in its first year. [315] The appearance of ahimsa, or the avoidance of violence toward all forms of life in many religious orders early in South Asian history, especially Upanishadic Hinduism, Buddhism and Jainism, is thought to have been a notable factor in the prevalence of vegetarianism among a segment of Nepal's Hindu and Buddhist populations, as well as among Jains. Area controlled by Nepal shown in dark green; Ministry of Federal Affairs and General Administration, The entire territory controlled by the monarch seated in Kathmandu at any given time would also be referred to as, This trichotomy is a prominent feature of Nepali discourse and is represented in the. Traditional game widely loved in Gulf region – Society – 16/08/2018", "Fans, frolic, frenzy await Nepal's Lord's visit", "Cricket-mad Nepal faces infrastructure challenges", "Saff Championship: Nepal eye historic final", "Nepal crash out of SAFF C'ship after 3–0 defeat to Maldives", "The FIFA/Coca-Cola World Ranking - Ranking Table", "Nepal make cricket history after securing ODI status", "ICC Ranking for ODI teams International Cricket Council", "ICC Ranking for T20 teams International Cricket Council", "Current priorities of sports: Hosting SAG, winning medals", "Will she quench Nepal's thirst for Olympic medals? Sagarmatha Insurance is a Nepal-Sri Lanka non-life insurance JV with the leading Sri Lankan insurer Ceylinco Insurance PLC being the joint venture partner. The martyrs are the symbols of patriotism. The industry, disrupted by the civil war in the 1990s, has since recovered but faces challenges to growth, owing to a lack of proper facilities for high-end tourism termed the "infrastructure bottleneck", the flag carrier in shambles, and a handful of destinations properly developed and marketed. [266] Low birth weight is at 27% while breastfeeding is at 65%. [150] Nepal is one of the major contributors to the UN peacekeeping missions, having contributed more than 119,000 personnel to 42 missions since 1958. Nepal is divided into three principal physiographic belts known as Himal-Pahad-Terai. In south-eastern Nepal, Simraungarh annexed Mithila around 1100 AD, and the unified Tirhut stood as a powerful kingdom for more than 200 years,[54] even ruling over Kathmandu for a time. However, with more banks and insurance companies joining hands to provide insurance services to their clients Bankassurance has been speeding up over the last few years in Nepal. [126] A communist insurgency was crushed in its cradle in the 1970s, which led to the eventual coalescence of hitherto scattered communist factions under the United Left Front. Professor B.P. Rubber bands, or ranger bands cut from tubes in bike tyres, make a multi-purpose sporting equipment for Nepali children, which may be bunched or chained together, and used to play dodgeball, cat's cradle, jianzi[321] and a variety of skipping rope games. [60][48], Factionalism inside the royal family led to a period of instability. [67] With the death of both the King and the Crown Prince in a massacre in the royal palace, King Birendra's brother Gyanendra inherited the throne in 2001[65] and subsequently assumed full executive powers aiming to quash the Maoist insurgency himself. After years of moderate growth, Nepal’s insurance sector is seemingly headed for growth by leaps and bounds. ", "Tibet's Road Ahead: Tibetans lose a haven in Nepal under Chinese pressure", "China urged to let Nepalis work in Taklakot", "Why Nepal's Access to China Ports Matters", "Belt and Road Initiative: Nepal's concern and commitment", "SAARC: Origin, Growth, Potential and Achievements", "Nepal, Bangladesh Can Become Better Trade Partners", "Marking the diplomatic ties between Nepal and Israel", "UNGA vote 'consistent with Nepal's position on Israel, Palestine, "Military expenditure (current USD) | Data", "New chief faces daunting task rebuilding Nepal Army's image", "Thapa to take charge of Nepali Army as acting CoAS", "South Asia :: Nepal – The World Factbook – Central Intelligence Agency", "Dolpa HQ connected to national road network", "Women promoted to major for first time in NA infantry", "Bhakti Shah – the fight for gay and transgender rights in Nepal", "Nepal is 19th largest receiver of remittances with $8.1 billion", "Unskilled workers dominate Nepali labour force abroad", "More Nepalis going abroad for employment", "South Asia :: Nepal – The World Factbook", "Agricultural Policies and Rural Development in Nepal: An Overview", "Nepalese Foreign Trade: Growth, Composition, and Direction", "Bangladesh, Nepal, Rwanda top India in reducing poverty – study", "World poverty is shrinking rapidly, new index reveals", "Nepal: Irrigation and Water Resource Management", "World Bank: Nepal- Country Overview 2012", "Nepali gov't presents 13.71 bln USD budget for next fiscal year", "Finance Minister Khatiwada worried as ministries fail to spend development budget", "UK should cut aid to Nepal if "endemic" corruption persists: report", "Per capita income to reach $1,400 by 2023-24", "Development Failure: A Critical Review of Three Analyses of Development in Nepal", "A Development Failure: The Development-Conflict Nexus", "Nepal tourism generated Rs 240b and supported 1m jobs last year: Report", "Nepal has enough opportunities to tap tourists who visit other South Asian nations", "Nepal's unemployment rate estimated at 11.4 percent", "12 Hostages From Nepal Are Executed in Iraq, a Militant Group Claims", "He narrowly escaped the 2004 Iraq massacre of 12 Nepalis", "Basic minimum wage eludes Nepali migrant workers", "Nepali migrant workers returning home from labour destination countries without wages", "Nepal receiving two dead migrant workers every day for past seven years: Report", "Nepalese Labor Migration—A Status Report", "Labour migration in Nepal (ILO in Nepal)", NEPAL ENERGY SECTOR ASSESSMENT, STRATEGY, AND ROAD MAP, "From a fossil past to an electric future", "More than half of Nepal's electricity imported from India", "NEA to build 10 new hydropower projects", "Nepal fails to meet energy sector targets in the current fiscal", "Connecting Nepal's Rural Poor to Markets", Nepal Telecommunications Authority MIS Report Shrawan, 2076, "Press Council Nepal classifies 833 newspapers, magazines", "Nepal retains its position in press freedom rankings, states RSF report", https://www.wipo.int/edocs/lexdocs/laws/en/np/np029en.pdf, http://mohp.gov.np/downloads/Constitution%20of%20Nepal_2072_Nepali.pdf, "Hindu Demographics & Denominations (Part One)", "Eid highlights Nepal's religious tolerance", "NEPAL-2018-INTERNATIONAL-RELIGIOUS-FREEDOM-REPORT", "Nepal: Nepal: Bill criminalises religious conversion", "Community-based School Management The Role Politics Plays", "Minister Pokhrel urges teachers to be loyal to their schools", "Types of scholarships provided to Nepalese students by government of Nepal", "Medical colleges charging extra fees even from govt scholarship holders", "More students seeking 'no objection' to study abroad", "Nepal ranks second in lung ailment deaths", Nepal Burden of Disease 2017: A Country Report based on the Global Burden of Disease 2017 Study, "Study reveals high prevalence of non-communicable diseases in Nepal", "Nearly half of Nepali children still malnourished", "Maternal mortality reduction target hard to meet for Nepal: Officials", "Mortality rate, under-5 (per 1,000 live births) - Nepal | Data", "Nepal far from hitting contraceptive target", "Health insurance plan yet to cover 38 districts in Nepal", "The Current State of Maternal Health in Nepal", "Government has been trying to eliminate open defecation for over a decade. [39] The earliest inhabitants of modern Nepal and adjoining areas are believed to be people from the Indus Valley Civilization. [234] The mobile voice telephony and broadband market was dominated by two telecommunications companies, the state-owned Nepal Telecom (55%) and the private multinational, Ncell (40%). Anyone can be a victim of critical illness unexpectedly. However, the prospect of reinsurance has risen with the establishment of Nepal Reinsurance Company Limited (NRCL) in December 2014. [22], Norwegian indologist Christian Lassen had proposed that Nepāla was a compound of Nipa (foot of a mountain) and -ala (short suffix for alaya meaning abode), and so Nepāla meant "abode at the foot of the mountain". Meanwhile, suggestions have been made to further strengthen the agricultural insurance practices in Nepal. It is 65 percent for non-life insurance companies. Nepal has a diverse geography, including fertile plains, subalpine forested hills, and eight of the world's ten tallest mountains, including Mount Everest, the highest point on Earth. The awareness of insurance among the general people has remained low despite the fact that the first insurance company was established during the Rana regime in 1948 as Nepal Mal Chalani Tatha Beema Company Limited which was renamed Nepal Insurance Company Limited in 1961. After several bloody battles and sieges, notably the Battle of Kirtipur, he managed to conquer the Kathmandu Valley in 1769. Suggestions have been made to compensate the policyholders of crop insurance schemes on ‘weather data basis’, for example. Emperor Ashoka made a pilgrimage to Lumbini and erected a pillar at Buddha's birthplace, the inscriptions on which mark the starting point for properly recorded history of Nepal. The government led by former Prime Minister KP Sharma provisioned the micro insurance programme in the budget for FY 2016/17. The government revenue amounted to Rs 2.72 billion in FY 2011/12 which was registered at Rs 3.39 billion in FY 2012/13, Rs 4.21 billion in FY 2013/14, Rs 6.25 billion in FY 2014/15 and Rs 4.63 billion in FY 2015/16. The government revenue generated from the insurance sector which saw a growth of 48 percent in FY 2014/14 declined by 26 percent in FY 2015/16. Its development is mainly attributed to the change of philosophy as regards the role and function of the state. [120] In the aftermath of the 2017 elections, the first one according to the new constitution, NCP, formed by the merger of CPN (UML) and CPN (Maoist Centre) has become the ruling party at the federal level and in six out of seven provinces. [41] Another possibility for the first people to have inhabited Nepal are the Kusunda people. By the 4th century AD, much of Nepal was under the influence of the Gupta Empire. LIC Nepal is the JV company in life insurance, while Sagarmatha Insurance is in non-life insurance. Bir Narsingh Kunwar emerged victoriously and founded the Rana dynasty, and came to be known as Jung Bahadur Rana. ", "The Impact of Organized Crime on Governance in Developing Countries: A Case Study of Nepal", "Organizational Structure and Role of NID in Nepal's Federal Set up", "Crime rate in Nepal rose by 40 percent in past five fiscal years, police data reveals", "Bilateral Relations – Ministry of Foreign Affairs Nepal MOFA", "Embassy of Nepal – Ministry of Foreign Affairs Nepal MOFA", "Consulates General of Nepal – Ministry of Foreign Affairs Nepal MOFA", "NON-RESIDENTIAL DIPLOMATIC MISSIONS – Ministry of Foreign Affairs Nepal MOFA", "The Big Question: Who are the Gurkhas and what is their contribution", "Foreign Relation of Nepal with China and India", "Is it the end of India's special relationship with Nepal? [293] According to its official description, the crimson in the flag stands for victory in war or courage, and is also the colour of the rhododendron. [47] Nepal came to be established as a land of spirituality and refuge in the intervening centuries, played an important role in transmitting Buddhism to East Asia via Tibet,[48] and helped preserve Hindu and Buddhist manuscripts. Featured Sponsor Events Calendar Sponsors. Terai is the lowland region containing some hill ranges. [236] In 2019, Reporters Without Borders ranked Nepal at 106th in the world in terms of press freedom.[237]. The Nepali are descendants of three major migrations from India, Tibet and North Burma, and the Chinese province of Yunnan via Assam. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. [22] Suniti Kumar Chatterji believed Nepal originated from Tibeto-Burman roots – Ne, of uncertain meaning (as multiple possibilities exist), and pala or bal, whose meaning is lost entirely. Reinsurance basically is a risk management practice where insurance companies transfer a portion of their risks to other insurers (reinsurers). The government has been providing a 50 percent subsidy on insurance premiums of crops, livestock and poultry from FY2013/14. Local dialects in the Terai and hills are mostly unwritten with efforts underway to develop systems for writing many in Devanagari or the Roman alphabet. After a decade of instability and internal strife which saw two constituent assembly elections, the new constitution was promulgated on 20 September 2015, making Nepal a federal democratic republic divided into seven provinces. Insurance is considered a sector with vast potential in Nepal as the penetration of insurance is just 1.31 percent of the GDP at present. Jewellery of gold and silver, and sometimes precious stones, are common. [224] The perennial nature of Nepali rivers and the steep gradient of the country's topography provide ideal conditions for the development of hydroelectric projects. The Lichchhavis built monuments and left a series of inscriptions; Nepal's history of the period is pieced together almost entirely from them. Meanwhile, the claim settlement of such policies during the period has totaled Rs 636.25 million. As per the Insurance Regulation, 1993, non-life insurance companies are allowed to sell policies in Fire Insurance, Marine Insurance, Aviation Insurance, Motor Insurance, Engineering and Contractors All Risks Insurance and Miscellaneous Insurance. But in modern times… Many Nepali festivals are religious in origin. [h] Paternal lineage of a person is valued and required in legal documents. A medical insurance considered essential in managing risk in health. Meanwhile, four non-life insurance companies, namely Sanima Non-life Insurance, General Insurance, Azod Insurance and Manakamana Insurance are currently waiting to receive the go ahead from IB. [224] However, Nepal has been able to exploit only about 1,100 MW. However, the Mughal period saw an influx of high-caste Hindus from India into Nepal. It remains firmly committed to the One China Policy and is known to curb anti-China activities from the Tibetan refugees in Nepal. [215][216] They have their passports seized, to be returned when the employer grants them leave or terminates their contracts. Ø Prof: Woodrow Wilson defined Public Administration as detailed and systematic execution of public law; every particular application of general law is an act … While the concept of e-insurance has gained prominence in developed and many emerging economies, Nepal has lagged behind in terms of expanding the insurance business through digital means. Goat Farming. The programme sets out to minimise the financial risks associated with agriculture, cattle/livestock and other small rural businesses. [234] Similarly, while an estimated 14.52% had access to fixed broadband, an additional 52.71% were accessing the internet using their mobile data subscriptions; almost 15 million of them with 3G or better. 198 ecological types were first proposed in 1976, which was further revised and reduced to 118, which was further reduced by IUCN to 59 in 1998, which was further reduced to 36 in 2002. [134] Each local unit is composed of wards. According to the Financial Inclusion Roadmap 2017-2022 prepared jointly by The Centre for Financial Regulation and Inclusion (CENFRI), Finmark Trust and United Nations Capital Development Fund (UNCDF), 80 percent of the adult population of Nepal do not have any type of insurance coverage. It needs a team of experts composing of actuary, underwriters, statisticians, risk analysts and loss assessors and specialists in the respective fields to get an actual picture of the damages incurred. [116], Nepal is a parliamentary republic with a multi-party system. Apart from that, among the non-life insurers there are six public sector insurers. The government, for example, has come up with policies in agriculture and micro insurance in a bid to increase the access of insurance in rural areas. Nepali insurers do not have an adequate workforce to evaluate and assess the damages and claims. This remarkable silver coin, which was called after Empress Maria Theresa of Austria, and was minted in Vienna, gained an extensive circulation throughout the Middle East, including Ethiopia.

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