Insurance Companies In Nepal Collect Rs.177.81 Arba In Premium In FY 2078/79

September 7, 2022 | Investopaper

As of Ashad end of the last fiscal year 2078/79 the insurance companies in Nepal have earned about Rs 177.81 Arba in premiums. The total premium collection of insurance companies (Life & Non-Life) has grown by about 16.48 percent as compared to the corresponding period of the previous fiscal year. In the fiscal year 2077/78, such premium income stood at Rs 152.65 Arba.

Life insurance companies earned Rs 138.64 Arba in premium and non-life insurance companies collected about Rs 39.17 Arba premium in the same period.

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Premium Collection of Life Insurance Companies In Nepal

Nepal Life Insurance (NLIC) has earned the highest premium out of 19 life insurance companies till Ashad’s end 2079 BS. The company has earned Rs 35.38 Arba in premiums during the period. Life Insurance Corporation (Nepal) is the second company to earn higher premiums. The company has collected Rs 18.22 Arba in insurance premiums.

Likewise, National Life Insurance Company (NLICL) has earned Rs 14.33 Arba in premium income. The state owned Rastriya Beema Sanstha has accumulated a premium of Rs 8.47 Arba during this period. The fifth-ranked Union Life Insurance Company has earned Rs 7.92 Arba in premiums.

Similarly, Asian Life Insurance has earned Rs 6.87 Arba in insurance premiums. Met Life Insurance has earned Rs 5.23 Arba in premiums during the period. Citizen Life Insurance is in the eighth position with a premium of Rs 5.43 Arba during the period.

Surya Life Insurance, which is in the ninth position, has earned Rs 4.99 Arba in insurance premiums. Similarly, Prime Life Insurance, which is in the tenth position, has earned Rs 4.6 Arba in premiums. In the same period, Reliable Nepal Life Insurance collected Rs 3.94 Arba, Jyoti Life Insurance Rs 3.8 Arba, and IME Life Insurance Rs 3.53 Arba.

Similarly, Sun Nepal Life Insurance collected premium of Rs 3.36 Arba, Reliance Life Insurance Rs 3.12 Arba, Gurans Life Insurance Rs 3.08 Arba, Prabhu Life Insurance Rs 2.39 Arba, Sanima Life Insurance Rs 2.31 Arba, and Mahalaxmi Life Insurance Company Rs 1.58 Arba as the premium income.

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Premium Collection Of Life Insurance Companies In Nepal

Premium Collection In ‘Rs. Arba’

S.N	Non-Life Insurance Companies In Nepal	Total Premium Collection (In Rs. Arba)	Market Share (In %)
1	Nepal Life Insurance Co. Ltd.	35.38	25.54
2	LIC Nepal Ltd.	18.22	13.15
3	National Life Insurance Co. Ltd.	14.33	10.34
4	Rastriya Beema Sansthan Ltd.	8.47	6.11
5	Union Life Insurance Co. Ltd.	7.92	5.72
6	Asian Life Insurance Co. Ltd.	6.87	4.96
7	Citizen Life Insurance Co. Ltd.	5.43	3.92
8	Met Life Alico Co. Ltd.	5.23	3.77
9	Surya Life Insurance Co. Ltd.	4.99	3.6
10	Prime Life Insurance Co. Ltd.	4.6	3.32
11	Reliable Nepal Life Insurance Co. Ltd.	3.94	2.84
12	Jyoti Life Insurance Co. Ltd.	3.8	2.74
13	IME Life Insurance Co. Ltd.	3.53	2.55
14	Sun Nepal Life Insurance Co. Ltd.	3.36	2.43
15	Reliance Life Insurance Co. Ltd.	3.12	2.25
16	Gurans Life Insurance Co. Ltd.	3.08	2.22
17	Prabhu Life Insurance Co. Ltd.	2.39	1.73
18	Sanima Life Insurance Co. Ltd.	2.31	1.67
19	Mahalaxmi Life Insurance Co. Ltd.	1.58	1.14

	Total	138.64	100

Source: Beema Samiti

Premium Collection of Non-Life Insurance Companies In Nepal

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.

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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