Life Insurance Business In Nepal Grows By 32 Percent

July 28, 2020 | Investopaper

In the fiscal year 2076/77, 19 life insurance companies have earned insurance premium of Rs. 94.38 billion. This is 32 percent more than the previous fiscal year. In the previous fiscal year 075/76, the companies have collected insurance premium of Rs. 71.04 billion. In the fiscal year 2076/77, the companies collected Rs 34.48 billion for the first premium and Rs 57.97 billion for the renewal premium. Similarly, Rs 1.93 billion has been collected for foreign employment insurance premiums.

Also Read: Premium Collection Of Insurance Companies In Nepal

8 Million Policies Issued

As of the end of last year, life insurance companies have issued 79,057,358 insurance policies. out of which 71.96 million are life insurance policies. During the same period, companies have issued 760,043 foreign employment insurance policies.

Nepal Life Insurance At Top

During this period, Nepal Life Insurance has earned the most and Sanima Life Insurance the least premium. As per the data of the Insurance Board, Nepal Life Insurance has earned around Rs 28.39 billion in insurance premiums till Ashad end of the last fiscal year.

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Similarly, LIC Nepal has earned Rs 15.31 billion in insurance premiums during the period, while National Life Insurance Company has earned Rs 9.21 billion in insurance premiums during the period. The state-owned Rastriya Beema Sansthan has collected about Rs 7.05 billion in premiums.

Similarly, Union Life Insurance earned Rs 4.8 billion in premiums and Asian Life Insurance earned Rs 4.54 billion in the same period. Likewise, Met Life Insurance has collected Rs 4.15 billion while Prime Life Insurance has Rs 3.31 premium income.

Also, Gurans Life Insurance has collected Rs 2.19 billion in insurance premiums, Citizen Life Insurance Rs 1.96 billion, Jyoti Life Insurance Rs 1.89 billion, Reliable Life Insurance Rs 1.6 billion, Reliance Life Insurance Rs 1.4 billion, IME Life Insurance Rs 1.4 billion, Prabhu Life Insurance Rs 1.18 billion, and Sun Nepal Life Insurance has collected Rs 1.11 billion.

Related: Current Status Of Insurance Business In Nepal

2 Life Insurance Below Rs 1 Billion In Premium

Two life insurance companies have earned less than Rs 1 billion in insurance premiums in the fiscal year 2076/77.

As per the Insurance Board, Mahalakshmi Life Insurance has earned the premium of Rs 870 million. Likewise, Sanima Life Insurance has earned the lowest premium income of Rs 820 million.

At present, there are 19 life and 20 non-life insurance companies operating in the country.

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Premium Collection Of Life Insurance Companies In Nepal

S.N Life Insurance Companies In Nepal Total Premium Collection (In Rs. ‘Arba’)
1 Nepal Life Insurance Co. Ltd. 28.39
2 LIC Nepal Ltd. 15.31
3 National Life Insurance Co. Ltd. 9.21
4 Rastriya Beema Sansthan Ltd. 7.05
5 Union Life Insurance Co. Ltd. 4.8
6 Asian Life Insurance Co. Ltd. 4.54
7 Met Life Alico Co. Ltd. 4.15
8 Prime Life Insurance Co. Ltd. 3.31
9 Surya Life Insurance Co. Ltd. 3.2
10 Gurans Life Insurance Co. Ltd. 2.19
11 Citizen Life Insurance Co. Ltd. 1.96
12 Jyoti Life Insurance Co. Ltd. 1.89
13 Reliable Life Insurance Co. Ltd. 1.6
14 Reliance Life Insurance Co. Ltd. 1.4
15 IME Life Insurance Co. Ltd. 1.4
16 Prabhu Life Insurance Co. Ltd. 1.18
17 Sun Nepal Life Insurance Co. Ltd. 1.11
18 Mahalaxmi Life Insurance Co. Ltd. 0.87
19 Sanima Life Insurance Co. Ltd. 0.82

As of Ashad end, 2077

Read Related Contents:

List of Insurance Companies In Nepal

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