Himalayan Everest Insurance is exhibiting a comprehensive range of travel, health and property insurance products at the Nepal Adventure Expo 2024 opening in Kathmandu this Saturday.

Speaking to 8850media.com, company’s Senior Manager Bhupendra Shrestha says, “We are excited to present our full portfolio of personal and property coverage at this event.”

Himalayan Everest Insurance is among the first insurers in Nepal to offer travel and health policies that go beyond standard coverage, addressing the unique risks of adventure activities, he explains. Its involvement in the events like Nepal Adventure Expo underscores its commitment to earning the trust of the adventure community.

The company maintains that its mission is more than just selling policies; it aims to be a partner in exploration. Shrestha continues, “We don’t just protect lives and property—we protect people’s passions and experiences.”

Activities such as trekking, rock climbing, rafting, bungee jumping and canyoning have increasingly become rites of passage for a growing number of people. Yet, with the thrill of extreme sports comes inherent risks, which can result in financial strain.

While adventure sports come with uncertainties, having the right insurance coverage helps thrill-seekers face risks with assurance.

Growing Trend

Recent trends, especially post-COVID, indicate that the insurance market has been experiencing steady growth. In 2021, the gross written premium of Nepal’s insurance market stood at Rs138.3 billion ($1.1 billion). According to the Statista Market Forecast, this figure is expected to grow substantially, with the market size reaching $4 billion by 2024. Over the period from 2024 to 2028, the forecast projects a compound annual growth rate (CAGR) of 3.61 per cent, driving the market volume to $4.61 billion by 2028.

Statista also observed one noticeable trend in the Nepali non-life insurance market: the introduction of innovative insurance products. “Insurers are offering customised policies that provide comprehensive coverage at affordable premiums.”

Nepal’s insurance sector includes 34 active companies: 14 life insurers, 14 non-life insurers, two reinsurance providers and four micro-insurance firms.

Although Shrestha declined to disclose his company’s data, industry insiders reported a significant surge in premium collections from trekking and mountaineering activities during the fiscal year 2023/24, which ended in June. Some insurers have noted increases exceeding 200 per cent, highlighting the strong recovery of Nepal’s adventure tourism following the COVID-induced slump.

In 2023, Nepal welcomed 1,014,876 foreign visitors, nearing pre-pandemic levels. The Nepal Government has set a target of attracting 1.6 million tourists in 2024.

Also Read: Elevate your adventure: Safety first in Nepal’s outdoors!

Whether scaling Mount Everest or navigating snow-fed rivers, comprehensive insurance is vital for safeguarding participants and businesses against unforeseen circumstances. “With the right insurance, adventure doesn’t have to be dangerous—it can be fearless,” Shrestha remarks.

Adventure Companion

Collaborating with tour operators, athletes and adventurers, Himalayan Everest aims to promote a culture of safety and readiness, allowing businesses and individuals to confidently push their limits.

Himalayan Everest is there for the adventure community throughout their entire journey, not just when problems arise, Shrestha says, advising prospective customers to review their policies thoroughly to ensure they have coverage for the specific challenges they might face.

“We’ve designed our products around the unpredictable nature of adventure,” he continues, giving a lowdown on the company’s insurance products.

For individuals, ‘Personal Accident Insurance’ covers injuries, medical costs, and permanent disability—essential for extreme activities like mountaineering and rock climbing.

On the business side, Himalayan Everest offers ‘Group Accident Insurance’ that protects both staff and clients, allowing operators to manage risks proactively. This gives them the confidence to expand their offerings, knowing their teams and clients are protected.

Its flagship ‘Group Medical Insurance’ allows businesses to operate in remote areas with the peace of mind that emergencies will be handled promptly. While extreme sports carry risks, the tailored solutions mitigate their financial impact, explains Himalayan Everest’s senior manager. “From emergency evacuations to injury coverage, our goal is to address the full spectrum of challenges adventurers face.”

As adventure tourism continues to grow, so does the need for flexible insurance packages covering everything from emergency evacuations to lost equipment and personal liability.

“The adventure community is becoming more informed,” he notes. “They know what they need to feel safe while pushing their boundaries, and we’re here to provide that.”