Current Status of Life Insurance Business In Nepal
May 24, 2020 | Investopaper
As of the third quarter of the current fiscal year 2076/77, life insurance companies have managed to earn Rs 62.04 billion in premiums. According to the Insurance Board, the companies have collected Rs 21.22 billion as the first premium income.
They have collected Rs 41.03 billion from renewal insurance premiums and Rs 1.65 billion from foreign employment insurance.
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Nineteen life insurance companies operating in Nepal have issued 7,512,630 insurance policies till Chaitra end this year. The companies have issued 66,19,826 life insurance policies and 892,804 foreign employment insurance policies.
Nepal Life Insurance Occupies Number 1 Spot
Nepal Life Insurance Company (NLIC) is in the front based on the business done by life insurance companies. The company has earned Rs 18.70 billion as of Chaitra this year. The company has earned Rs 5.53 billion as first premium income, Rs 13.12 billion from renewal and Rs 50 million from foreign employment insurance.
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Life Insurance Corporation (LIC Nepal) has earned Rs 10.38 billion as the premium income. The company has collected Rs 2.31 billion as the first premium and Rs 8.07 billion as the renewal.
Similarly, National Life Insurance Company (NLICL) has collected Rs 5.64 billion in insurance premium. The company has collected Rs 1.58 billion for first premium, Rs 3.82 billion for renewal and Rs 240 million for foreign employment insurance during the period.
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Capital of Life insurance Companies at Rs. 32.55 billion
The consolidated capital of life insurance companies has reached Rs 32.55 billion. Rastriya Beema Sansthan has a capital of Rs 180 million. National Life Insurance has a capital of Rs 3.8 billion. Nepal Life Insurance Company has reached the highest capital of Rs 5.5 billion.
The capital of Life Insurance Corporation Nepal (LIC Nepal) has reached Rs 2.01 billion while Asian Life Insurance also has Rs 2.01 billion as capital. Surya Life’s capital has reached Rs 2.16 billion and Prime Life’s has reached Rs 2.01 billion. Other companies have less than Rs 2 billion.
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Number of employees 5,000: Number of branches around 2,000
The number of employees in life insurance companies operating in Nepal has reached 5,534 while the number of branch offices has reached 1,847. According to the Insurance Board, the number of employees working in Nepal Life Insurance Company is 612 and the number of office branches of the NLIC has reached 196.
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