Non-Life Insurance Companies Collect Rs. 12.75 Arba in Premium Income in 4 Months
December 7, 2023 | Investopaper
As of Karthik’s end 2080 BS, there are 14 non-life or general insurance companies operating in Nepal. In the first four months (Shrawan-Karthik) of the current fiscal year 2080/81, these non-life insurance companies have collected a total premium of Rs 12.74 Arba. The non-life insurance companies have earned the insurance premium by insuring motor, fire, aviation, marine, agricultural and crop, engineering etc.
Sagarmatha Lumbini Insurance has the highest premium collection of Rs. 160.53 crores in the four months period while National Insurance has the lowest premium income of Rs. 43.17 crores.
The table below presents the premium collection by the general insurance companies in the month of Shrawan, Bhadra, Ashwin, and Karthik 2080 BS.
Premium Collection By Non-Life Insurance Companies- FY 2080/81
| S.N | Non-Life Insurance Companies In Nepal | Premium Collection In Karthik (In Rs. Crores) | Total Premium Collection (In Rs. Crores) |
| 1 | Sagarmatha Lumbini Insurance Limited | 28.77 | 160.53 |
| 2 | Siddhartha Premier Insurance Company Limited | 26.83 | 133.38 |
| 3 | Shikhar Insurance Company Limited | 23.23 | 127.35 |
| 4 | Himalayan Everest Insurance Limited | 18.53 | 113.36 |
| 5 | IGI Prudential Insurance Company Limited | 23.22 | 109.37 |
| 6 | Neco Insurance Company Limited | 21.91 | 105.94 |
| 7 | United Ajod Insurance Company Limited | 16.65 | 86.83 |
| 8 | NLG Insurance Company Limited | 18.77 | 86.32 |
| 9 | Sanima GIC Insurance Company Limited | 11.73 | 71.67 |
| 10 | Prabhu Insurance Company Limited | 14.03 | 70.61 |
| 11 | Rastriya Beema Company Limited | 3.07 | 58.55 |
| 12 | The Oriental Insurance Company Limited | 6.4 | 58.99 |
| 13 | Nepal Insurance Company Limited | 12.09 | 49.61 |
| 14 | National Insurance Company Limited | 5.97 | 43.17 |
| Total | 228.48 | 1274.71 |
Source: Nepal Insurance Authority
Premium Collection By Non-Life Insurance Companies- FY 2079/80
In the last fiscal year 2079/80, these non-life insurance companies have collected a total premium of Rs 40.21 Arba.
Shikhar Insurance Company has the highest premium collection of Rs. 531.61 crores in the 12 months period while National Insurance has the lowest premium income of Rs. 101.89 crores.
Premium Collection (In Rs. Crores)
| S.N | Non-Life Insurance Companies In Nepal | Total Premium Collection (In Rs. Crores) | Market Share (In %) |
| 1 | Shikhar Insurance Company Limited | 531.61 | 13.22 |
| 2 | Sagarmatha Lumbini Insurance Limited | 458.2 | 11.39 |
| 3 | Siddhartha Premier Insurance Company Limited | 442.68 | 11.01 |
| 4 | United Ajod Insurance Company Limited | 341.9 | 8.50 |
| 5 | IGI Prudential Insurance Company Limited | 338.77 | 8.42 |
| 6 | Himalayan Everest Insurance Limited | 335.4 | 8.34 |
| 7 | Neco Insurance Company Limited | 292.24 | 7.27 |
| 8 | NLG Insurance Company Limited | 240.54 | 5.98 |
| 9 | Sanima GIC Insurance Company Limited | 232.44 | 5.78 |
| 10 | Rastriya Beema Company Limited | 231.07 | 5.75 |
| 11 | Prabhu Insurance Company Limited | 165.87 | 4.12 |
| 12 | Nepal Insurance Company Limited | 158.58 | 3.94 |
| 13 | The Oriental Insurance Company Limited | 149.94 | 3.73 |
| 14 | National Insurance Company Limited | 101.89 | 2.53 |
| Total | 4,021.21 | 100.00 |
Source: Nepal Insurance Authority
Premium Collection By Non-Life Insurance Companies- FY 2078/79
In the fiscal year 2078/79, 20 non-life insurance companies operating in Nepal collected a total premium of Rs 39.16 Arba.
Shikhar Insurance had generated the highest premium income with Rs 500.92 crores, followed by Sagarmatha Insurance with Rs 310.63 crores.
Similarly, Neco Insurance had collected Rs 285.38 crores premium income. Likewise, Rastriya Beema Company, Siddhartha Insurance, NLG Insurance, Premier Insurance, and Himalayan General Insurance, had a premium collection of Rs 264.71 crores, Rs 261.52 crores, Rs 237.1 crores, Rs 214.31 crores and Rs 206.15 crores respectively.
Also, IME General Insurance, Ajod Insurance, Lumbini General Insurance, Nepal Insurance, and United Insurance, collected a premium income of Rs 177.08 crores, Rs 166.83 crores, Rs 158.43 crores, Rs 158 crores, and Rs 154.88 crores respectively.
Likewise, Oriental, Prabhu, Prudential, and Everest accumulated a premium of Rs 144.18 crores, Rs 135.74 crores, Rs 133.53 crores and Rs 122.3 crores in the fiscal year 2078/79. Among the 20 non-life insurance companies, Sanima General Insurance, National Insurance, and General Insurance are at the bottom with Rs 104.42 crores, Rs 90.66 crores and Rs 90.12 crores respectively.
The table below presents the premium collection by the non-life insurance companies of Nepal.
Premium Collection By Non-Life Insurance Companies- FY 2078/79
Premium Collection In ‘Rs. Crores’
| S.N | Non-Life Insurance Companies In Nepal | Total Premium Collection (In Rs. Crores) | Market Share (In %) |
| 1 | Shikhar Insurance Company Limited | 500.92 | 12.79 |
| 2 | Sagarmatha Insurance Company Limited | 310.63 | 7.93 |
| 3 | Neco Insurance Company Limited | 285.38 | 7.29 |
| 4 | Rastriya Beema Company Limited | 264.71 | 6.76 |
| 5 | Siddhartha Insurance Company Limited | 261.52 | 6.68 |
| 6 | NLG Insurance Company Limited | 237.1 | 6.05 |
| 7 | Premier Insurance Company Limited | 214.31 | 5.47 |
| 8 | Himalayan General Insurance Company Limited | 206.15 | 5.26 |
| 9 | IME General Insurance Company Limited | 177.08 | 4.52 |
| 10 | Ajod Insurance Company Limited | 166.83 | 4.26 |
| 11 | Lumbini General Insurance Company Limited | 158.43 | 4.04 |
| 12 | Nepal Insurance Company Limited | 158 | 4.03 |
| 13 | United Insurance Company Limited | 154.88 | 3.95 |
| 14 | The Oriental Insurance Company Limited | 144.18 | 3.68 |
| 15 | Prabhu Insurance Company Limited | 135.74 | 3.47 |
| 16 | Prudential Insurance Company Limited | 133.53 | 3.41 |
| 17 | Everest Insurance Company Limited | 122.3 | 3.12 |
| 18 | Sanima General Insurance Company Limited | 104.42 | 2.67 |
| 19 | National Insurance Company Limited | 90.66 | 2.31 |
| 20 | General Insurance Company Limited | 90.12 | 2.30 |
| Total | 3916.89 | 100.00 |
Source: Nepal Insurance Authority
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Premium Collection By Non-Life Insurance Companies In FY 2077/78
In the fiscal year 2077/78, the non-life insurance companies had generated Rs 30.07 Arba in premium income. The premium amount belongs to non-life insurance companies other than the government-owned Rastriya Beema Company.
16 non-life insurance companies had collected more than Rs 1 Arba in insurance premiums in the same period.
Shikhar Insurance Company had earned the most and Sanima General Insurance had earned the least premium in the last fiscal year. Shikhar Insurance Company collected Rs 3.97 Arba in insurance premiums in a period of one year.
Similarly, Sagarmatha Insurance collected about Rs 2.65 Arba in premium. Neco Insurance Company earned the third highest premium with Rs 2.41 Arba.
Siddhartha Insurance, which was in the fourth place, earned Rs 2.32 Arba in insurance premiums. In the same period, NLG Insurance collected Rs 2.08 Arba as premium and is in the fifth position. Similarly, Premier Insurance earned Rs 1.90 Arba while IME General Insurancecollected premium of Rs 1.52 Arba.
Likewise, Lumbini General Insurance Insurance was in the tenth position with Rs 1.36 Arba premium while Prabhu Insurance Company earned a premium of Rs 1.35 Arba.
Himalayan General Insurance had the premium collection of Rs 1.30 Arba. Prudential Insurance, which was in the eleventh position, had earned Rs 1.28 Arba as premium income.
Similarly, Nepal Insurance collected Rs 1.27 Arba, Ajod Insurance Rs 1.27 Arba and Oriental Insurance Rs 1.16 Arba in the same period. Likewise, United and Everest Insurance had a premium collection Rs 1.05 Arba and Rs 1.01 Arba respectively.
National Insurance earned the premium of Rs 87 crores, General Insurance Rs 65 crores and Sanima Insurance Rs 65 crores in the fiscal year 2077/78.
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Premium Collection By Non-Life Insurance Companies In Nepal [FY 2077/78]
Total Premium Collection (In Rs. ‘Arba’)
| S.N | Non-Life Insurance Companies In Nepal | FY 2077/78 | FY 2076/77 | Percent Change |
| 1 | Shikhar Insurance Company Limited | 3.97 | 3.52 | 12.78 |
| 2 | Sagarmatha Insurance Company Limited | 2.61 | 2.19 | 21.00 |
| 3 | Neco Insurance Company Limited | 2.41 | 2.07 | 16.43 |
| 4 | Siddhartha Insurance Company Limited | 2.32 | 1.96 | 18.37 |
| 5 | NLG Insurance Company Limited | 2.08 | 1.73 | 20.23 |
| 6 | Premier Insurance Company Limited | 1.90 | 1.64 | 15.85 |
| 7 | IME General Insurance Company Limited | 1.52 | 1.36 | 11.76 |
| 8 | Lumbini General Insurance Company Limited | 1.36 | 1.21 | 12.40 |
| 9 | Prabhu Insurance Company Limited | 1.35 | 1.55 | -12.90 |
| 10 | Himalayan General Insurance Company Limited | 1.30 | 1.37 | -5.11 |
| 11 | Prudential Insurance Company Limited | 1.28 | 1.03 | 24.27 |
| 12 | Nepal Insurance Company Limited | 1.27 | 1.16 | 9.48 |
| 13 | Ajod Insurance Company Limited | 1.27 | 0.86 | 47.67 |
| 14 | Oriental Insurance Company Limited | 1.16 | 1.01 | 14.85 |
| 15 | United Insurance Company Limited | 1.05 | 0.66 | 59.09 |
| 16 | Everest Insurance Company Limited | 1.01 | 0.9 | 12.22 |
| 17 | National Insurance Company Limited | 0.87 | 0.76 | 14.47 |
| 18 | General Insurance Company Limited | 0.65 | 0.54 | 20.37 |
| 19 | Sanima General Insurance Company Limited | 0.65 | 0.35 | 85.71 |
| Total | 30.07 | 25.87 | 16.24 |
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