Life Insurance Business Generate Rs 62.85 Billion In Premium Income

January 25, 2021 | Investopaper

Despite the corona virus epidemic, the premium collection of life insurance business has increased by 32.12 percent in the first six months of the current fiscal year 2077/78. As per the data received from the Insurance Board until Poush end, the life insurance companies have collected Rs. 62.85 billion in premiums. Last year, the companies had Rs 47.57 billion in insurance premiums during the same period. At present, there are 19 life insurance companies in operation in Nepal.

The business has increased especially due to the introduction of new products by companies and the increase in the importance of insurance due to Corona. Even in the Corona scare, insurance companies have done things like motivating agents through virtual means, giving information about new products. Renewal insurance premiums can also be paid online and some companies have even made arrangements to issue insurance policies online.

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Nepal Life Insurance is in the forefront in terms of collecting total premiums. The company has raised Rs. 17.62 billion in premiums. The second largest insurer is Life Insurance Corporation, which raised Rs. 9.61 billion in insurance premium. In addition, National Life Insurance collected Rs. 5.54 billion while Rastriya Beema Sansthan has collected Rs. 5.51 billion and Union Life has collected Rs 3.30 billion in premiums.

Out of the total premium, first premium income stood at Rs. 21.04 billion. Such premium has increased by 37.51 percent. In the corresponding period of the previous year, Rs. 15.30 billion was collected as the first premium income.

Nepal Life is also leading in collecting the first premium. The company has raised Rs. 4.67 billion in premiums. Similarly, LIC Nepal is also in the second place with Rs 2.05 billion first insurance premium. The third is National Life insurance that has collected Rs. 1.85 billion as first premium. Union Life Insurance has raised Rs. 1.76 billion and Asian Life Insurance has collected Rs. 1.17 billion as the first premium income.

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