KATHMANDU, Sept 11: The violent turn of the Gen Z protests has left behind widespread destruction, causing billions of rupees in property damage and prompting insurers to brace for claims exceeding Rs 50 billion.
According to the Nepal Insurers’ Association (NIA), preliminary estimates suggest that non-life insurance claims from private property losses could surpass levels recorded after the 2015 earthquake. “The figure is likely to cross even that benchmark,” NIA President Chunky Chhetri told Republica.
The most severe destruction occurred on Tuesday, with further damage reported on Wednesday despite the Nepal Army assuming charge of security. Corporate and institutional properties were among the hardest hit. The list includes Hilton Hotel, Bhatbhateni Supermarket, Ncell, CG Electronics, Global College, Ullens School, and Central Business Park. Residences of business leaders, politicians, and ordinary citizens were also vandalized after the killing of 19 youths in police shootings escalated into widespread violence.
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Bhatbhateni Supermarket’s Chief Operating Officer Panu Datta Poudel said outlets in Tangal, Maharajgunj, Chitwan, Chuchchepati, and Koteshwor were “completely damaged.” The company is still assessing the financial losses. Infrastructure linked to Chandragiri and Maulakalika cable cars, both owned by FNCCI President Chandra Prasad Dhakal, also sustained damage, while former FNCCI president Shekhar Golchha reported vandalism at his residence.
Significant destruction was recorded in Biratnagar and Itahari as well, with damage to vehicles described as “exorbitantly huge.”
The banking sector, too, has been hit. The Nepal Bankers’ Association (NBA) reported vandalism at four commercial bank branches, including Rastriya Banijya Bank in New Baneshwor, Himalayan Bank in Battisputali, Standard Chartered Bank in Chitwan and Morang and Global IME Bank in Thapathali, along with several extension counters. NBA President Santosh Koirala said the NBA, in coordination with Nepal Rastra Bank, is collecting details of losses nationwide.
Nepal’s non-life insurance companies had collected Rs 40.34 billion in premiums and settled Rs 20.71 billion in claims in FY 2023/24. In FY 2024/25, they collected Rs 41.47 billion and paid out Rs 17.90 billion. Insurers now fear a far greater financial strain, noting that premiums for “sabotage and terrorism” policies — which cover politically motivated violence — are comparatively minimal.
With losses mounting, both insurers and bankers warn the economic fallout from the Gen Z protests could rival some of Nepal’s worst crises in recent memory.
