As of April 2023, the company generated a total revenue of Nu 2.2mn while the claims totalled Nu 33,538.52
The Royal Insurance Corporation of Bhutan Limited (RICBL) offers a wide range of insurance policies designed to safeguard the well-being of Bhutanese citizens. Among their comprehensive offerings, one policy stands out for providing protection during international travels, which is the RICBL’s overseas travel insurance policy (OTIP).
In the fiscal year 2022, the RICBL, generated a total revenue of Nu 16.46mn and a total claim of Nu 1.57mn. As of April 2023, the company generated a total revenue of Nu 2.2mn while the claims totalled Nu 33,538.52.
According to RICBL officials, with a strong focus on ensuring peace of mind for individuals venturing abroad, this policy serves as a vital safety net, offering financial coverage and support in the unfortunate event of illness or accidents occurring while away from home.
The scheme also provides coverage for contingent incidences like loss of baggage, passports and delay of checked-in baggage and liability for third party property damage or injury.
The comprehensive OTIP also provides protection for injuries or damage to others or their property damage incurred while in abroad.
However, the policy, does not cover any other mishaps that occur while still in Bhutan or after the return to Bhutan of those who have availed of the services.
The OTIP offers three different plans for travelers to choose from, depending on their destination and coverage needs. Plan T1 covers all countries except the USA and Canada. Plan T2 covers the entire world including the USA and Canada, and Plan T3 covers Asian countries except Japan.
The maximum sum assured that an individual can opt for under this scheme is ranging from USD 10,000 up to 100,000, offering to all Bhutanese across the globe, and moreover the scheme also covers Covid-19 insurance during the pandemic. This scheme covers from 1-180 days.
An official from RICBL said that the challenges they faced are only formidable challenges faced during the COVID-19 crisis, where numerous countries imposed mandatory COVID insurance requirements.
The official said that they managed to overcome these hurdles effectively with the strategic approach i.e.; they extended a total insurance coverage of Nu 0.101mn successfully addressing the related issues.
“As the world navigates the ongoing uncertainties of the pandemic, RICBL’s successful handling of COVID-19 insurance challenges stands as a testament to its resilience and adaptability,” the official added.
He also said that the main challenge they face is the difficulty of selling the premium.
Meanwhile, a Bhutanese resident in Perth, Australia, said that the insurance premiums offered by RICBL are comparatively higher than those of other Australian insurance providers.
The individual said, “I purchased insurance from Perth since we have the option to buy insurance from other countries, and the consultancy provided assistance with the entire process and documentation.”
However, Business Bhutan found that some of the Bhutanese were unaware of the insurance policy provided.
Nidup Lhamo from Thimphu