Non-Life Insurance Companies Collect Rs. 4.47 Arba In Premium Income In Shrawan

September 5, 2022 | Investopaper

In the first month [Shrawan] of the current fiscal year 2079/80, 19 non-life insurance companies operating in Nepal have collected a total premium of Rs 4.47 Arba. The non-life insurance companies have earned the insurance premium by insuring motor, fire, aviation, marine, agricultural and crop, engineering etc.

Rastriya Beema Company has the highest premium collection of Rs. 84.28 crores in the one month period while Prabhu Insurance has the lowest premium income of Rs. 10.34 crores.

The companies, in total, have issued 2,21,642 insurance polices in Shrawan.

The table below presents the premium collection by the general insurance companies. [Shrawan, FY 2079/80]

Premium Collection By Non-Life Insurance Companies- FY 2079/80

S.N Non-Life Insurance Companies In Nepal Premium Collection (In Rs. Crores)
1 Rastriya Beema Company Limited 84.28
2 Shikhar Insurance Company Limited 35.52
3 Himalayan Everest Insurance Limited 33.19
4 Sagarmatha Insurance Company Limited 32.62
5 Siddhartha Insurance Company Limited 30.62
6 Neco Insurance Company Limited 27.1
7 NLG Insurance Company Limited 23.04
8 Premier Insurance Company Limited 21.25
9 The Oriental Insurance Company Limited 19.58
10 National Insurance Company Limited 17.48
11 Lumbini General Insurance Company Limited 17.34
12 Nepal Insurance Company Limited 16.64
13 Ajod Insurance Company Limited 16.14
14 IME General Insurance Company Limited 15.67
15 Prudential Insurance Company Limited 13.65
16 General Insurance Company Limited 12.25
17 United Insurance Company Limited 10.4
18 Sanima General Insurance Company Limited 10.35
19 Prabhu Insurance Company Limited 10.34
Total Premium Collection  447.54

Source: Beema Samiti


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: Beema Samiti


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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.


Related: Why You Should Invest In The Insurance Stocks?


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

Recommended: List of Insurance Companies In Nepal

 

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