Non-Life Insurance Companies Collect Rs 31.19 Arba In Premium Income Until Baisakh

June 1, 2022 | Investopaper

In the first ten months of current fiscal year 2078/79, 20 non-life insurance companies operating in Nepal have collected a total premium of Rs 31.19 Arba. Shikhar Insurance has generated the highest premium income with Rs 413.18 crores, followed by Sagarmatha Insurance with Rs 259.6 crores.

Similarly, Neco Insurance has collected Rs 241.47 crores premium in the ten months period. Likewise, Siddhartha Insurance, NLG Insurance, Premier Insurance, Himalayan General Insurance, and Rastriya Beema Company have a premium collection of Rs 207.4 crores, Rs 193.41 crores, Rs 173.85 crores, Rs 151.52 crores and Rs 148.18 crores respectively.

Also, IME General Insurance, Ajod Insurance, Nepal Insurance, United Insurance, and Lumbini General Insurance have collected a premium income of Rs 137.78 crores, Rs 133.84 crores, Rs 128.9 crores, Rs 128.25 crores, and Rs 126.67 crores respectively.

Likewise, Prabhu, Oriental, Prudential, and Everest have accumulated a premium of Rs 117.69 crores, Rs 113.51 crores, Rs 108.69 crores and Rs 104.2 crores in the first ten months of the current fiscal year. Among the 20 non-life insurance companies, Sanima General Insurance, General Insurance, and National Insurance are at the bottom with Rs 80.92 crores, Rs 75.98 crores and Rs 74.54 crores respectively.

The table below presents the premium collection by the non-life insurance companies of Nepal [As of Baisakh end, 2079 BS].

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

Premium Collection In ‘Rs. Crores’

S.N	Non-Life Insurance Companies In Nepal	In Baisakh	In 10 Months, FY 2078/79
1	Shikhar Insurance Company Limited	42.02	413.18
2	Sagarmatha Insurance Company Limited	16.67	259.6
3	Neco Insurance Company Limited	17.54	241.47
4	Siddhartha Insurance Company Limited	16.2	207.4
5	NLG Insurance Company Limited	16.22	193.41
6	Premier Insurance Company Limited	9.79	173.85
7	Himalayan General Insurance Company Limited	25	151.52
8	Rastriya Beema Company Limited	5.21	148.18
9	IME General Insurance Company Limited	10.37	137.78
10	Ajod Insurance Company Limited	11.18	133.84
11	Nepal Insurance Company Limited	9.99	128.9
12	United Insurance Company Limited	6.9	128.25
13	Lumbini General Insurance Company Limited	8.87	126.67
14	Prabhu Insurance Company Limited	7.05	117.69
15	Oriental Insurance Company Limited	10.02	113.51
16	Prudential Insurance Company Limited	8.59	108.69
17	Everest Insurance Company Limited	11.46	104.2
18	Sanima General Insurance Company Limited	8.86	80.92
19	General Insurance Company Limited	3.74	75.98
20	National Insurance Company Limited	6.66	74.54

	Total	252.45	3,119.71

Source: Beema Samiti

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