Non-Life Insurance Companies Collect Rs 9.69 Arba In Premium Income

November 16, 2021 | Investopaper

In the first three months of current fiscal year 2078/79, 20 non-life insurance companies operating in Nepal have collected a total premium of Rs 9.69 Arba. Shikhar Insurance has generated the highest premium income with Rs 100.32 crores, closely followed by Sagarmatha Insurance with Rs 90.67 crores.

Similarly, Neco Insurance has collected Rs 81.28 crores premium in the three months period. Likewise, Siddhartha Insurance, NLG Insurance, Premier Insurance, Rastriya Beema Company, and United Insurance have a premium collection of Rs 69.95 crores, Rs 67.61 crores, Rs 61.18 crores, Rs 44.67 crores and Rs 44.02 crores respectively.

Also, Himalayan General Insurance, Ajod Insurance, Prabhu Insurance, IME General Insurance and Lumbini General Insurance have collected a premium income of Rs 42.46 crores, Rs 41.49 crores, Rs 39.28 crores, Rs 37.33 crores, and Rs 36.37 crores respectively.

Likewise, Oriental, Nepal, Everest and Prudential Insurance have accumulated a premium of Rs 36.20 crores, Rs 34.09 crores, Rs 34.02 crores and Rs 31.16 crores in the first three months of the current fiscal year. Among the 20 non-life insurance companies, National Insurance, General Insurance and Sanima General Insurance are at the bottom with Rs 29.09 crores, Rs 27.5 crores and Rs 22.37 crores respectively.

The table below presents the premium collection by the non-life insurance companies of Nepal.

Premium Collection By Non-Life Insurance Companies- Q1, FY 2078/79

S.N	Non-Life Insurance Companies In Nepal	Total Premium Income (In Rs ‘Crores’)
1	Shikhar Insurance Company Limited	100.32
2	Sagarmatha Insurance Company Limited	90.67
3	Neco Insurance Company Limited	81.28
4	Siddhartha Insurance Company Limited	69.95
5	NLG Insurance Company Limited	67.61
6	Premier Insurance Company Limited	61.18
7	Rastriya Beema Company Limited	44.67
8	United Insurance Company Limited	44.02
9	Himalayan General Insurance Company Limited	42.46
10	Ajod Insurance Company Limited	41.49
11	Prabhu Insurance Company Limited	39.28
12	IME General Insurance Company Limited	37.33
13	Lumbini General Insurance Company Limited	36.37
14	Oriental Insurance Company Limited	36.2
15	Nepal Insurance Company Limited	34.09
16	Everest Insurance Company Limited	34.02
17	Prudential Insurance Company Limited	31.16
18	National Insurance Company Limited	29.09
19	General Insurance Company Limited	25.7
20	Sanima General Insurance Company Limited	22.37

	Total	969.26

Premium Collection By Non-Life Insurance Companies In FY 2077/78

In the last fiscal year 2077/78, the non-life insurance companies have 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.

The non-life insurance companies have collected the insurance premium by insuring motor, fire, aviation, marine, agricultural and crop, engineering etc. 16 non-life insurance companies have collected more than Rs 1 Arba in insurance premiums in the same period.

Shikhar Insurance Company has earned the most and Sanima General Insurance has earned the least premium in the last fiscal year. Shikhar Insurance Company has earned Rs 3.97 Arba in insurance premiums in a period of one year.

Similarly, Sagarmatha Insurance has collected about Rs 2.65 Arba in premium. Neco Insurance Company has earned the third highest premium with Rs 2.41 Arba.

Siddhartha Insurance, which is in the fourth place, has 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 has earned Rs 1.90 Arba while IME General Insurance has collected premium of Rs 1.52 Arba.

Likewise, Lumbini General Insurance Insurance is in the tenth position with Rs 1.36 Arba premium while Prabhu Insurance Company has earned a premium of Rs 1.35 Arba.

Himalayan General Insurance has the premium collection of Rs 1.30 Arba. Prudential Insurance, which is in the eleventh position, has 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 have a premium collection Rs 1.05 Arba and Rs 1.01 Arba respectively.

3 Companies Below Rs 1 Arba In Premium

National Insurance earned the premium of Rs 87 crores, General Insurance Rs 65 crores and Sanima Insurance Rs 65 crores in the last fiscal year.

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