Insurance Companies In Nepal Collect Rs 120 Billion In Premium In FY 2076/77

July 23, 2020 | Investopaper

As of Ashad end of the last fiscal year 2076/77, the insurance companies in Nepal have earned about Rs 120.25 billion in premiums. The Insurance Board has stated that 19 life insurance and 19 non-life insurance companies have collected this premium amount in the period of one year. This doesn’t include the premium collection by Rastriya Beema Company, a state owned non-life insurance in Nepal. Life insurance companies earned Rs 94.38 billion in premium and non-life insurance companies collected about Rs 25.87 billion 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 end 2077. The company has earned Rs 28.39 billion in premiums during the period. Life Insurance Corporation (Nepal) is the second company to earn higher premiums. The company has collected Rs 15.31 billion in insurance premiums during the period.

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Likewise, National Life Insurance Company (NLICL) has earned Rs 9.21 billion in premium income. The state owned Rastriya Beema Sanstha has accumulated a premium of Rs 7.05 billion during this period. The fifth-ranked Union Life Insurance Company has earned Rs 4.80 billion in premiums.

Similarly, Asian Life Insurance has earned Rs 4.54 billion in insurance premiums. Met Life Insurance has earned Rs 4.15 billion in premiums during the period. The company is in the seventh place after earning the premium. Prime Life Insurance is in the eighth position with a premium of Rs 3.31 billion during the period.

Surya Life Insurance, which is in the ninth position, has earned Rs 3.2 billion in insurance premiums. Similarly, Gurans Life Insurance, which is in the tenth position, has earned Rs 2.19 billion in premiums. In the same period, Citizen Life Insurance collected Rs 1.96 billion, Jyoti Life Insurance Rs 1.89 billion, and Reliable Life Insurance Rs 1.60 billion.

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Similarly, Reliance Life Insurance collected premium of Rs 1.40 billion, IME Life Insurance  Rs 1.40 billion, Prabhu Life Insurance Rs 1.18 billion, Sun Nepal Life Insurance Rs 1.11 billion, Mahalaxmi Life Insurance Rs 870 million,  and Sanima Life Insurance Company Rs 820 million as the premium income.

Premium Collection Of Life Insurance Companies In Nepal

S.N Life Insurance Companies In Nepal Total Premium Collection (In Rs. ‘Billion’)
1 Nepal Life Insurance Co. Ltd. 28.39
2 LIC Nepal Ltd. 15.31
3 National Life Insurance Co. Ltd. 9.21
4 Rastriya Beema Sansthan Ltd. 7.05
5 Union Life Insurance Co. Ltd. 4.8
6 Asian Life Insurance Co. Ltd. 4.54
7 Met Life Alico Co. Ltd. 4.15
8 Prime Life Insurance Co. Ltd. 3.31
9 Surya Life Insurance Co. Ltd. 3.2
10 Gurans Life Insurance Co. Ltd. 2.19
11 Citizen Life Insurance Co. Ltd. 1.96
12 Jyoti Life Insurance Co. Ltd. 1.89
13 Reliable Life Insurance Co. Ltd. 1.6
14 Reliance Life Insurance Co. Ltd. 1.4
15 IME Life Insurance Co. Ltd. 1.4
16 Prabhu Life Insurance Co. Ltd. 1.18
17 Sun Nepal Life Insurance Co. Ltd. 1.11
18 Mahalaxmi Life Insurance Co. Ltd. 0.87
19 Sanima Life Insurance Co. Ltd. 0.82

Premium Collection of Non-Life Insurance Companies In Nepal

In the same period, 19 non-life insurance companies have earned about Rs 25.87 billion in premiums.

Shikhar Insurance Company has earned the most and Sanima General Insurance has earned the least premium until the Ashad end of the fiscal year 2076/77. Shikhar Insurance Company has earned Rs 3.52 billion in insurance premiums which is higher than other companies.

Similarly, Sagarmatha Insurance has collected about Rs 2.19 billion in premium during this period. Neco Insurance Company has earned the third highest premium with Rs 2.07 billion in premiums.

Siddhartha Insurance, which is in the fourth place, has earned Rs 1.96 billion in insurance premiums. In the same period, NLG Insurance earned Rs 1.73 billion and is in the fifth position. Similarly, Premier Insurance has earned Rs 1.64 billion in the sixth place while Prabhu Insurance has earned Rs 1.55 billion in the seventh place, according to the insurance board.

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Likewise, Himalayan General Insurance has collected the premium of Rs 1.37 billion, IME General Insurance Rs 1.36 billion. Lumbini General Insurance, which is in the tenth position, has earned Rs 1.21 billion while Nepal Insurance Insurance is in the eleventh position with Rs 1.16 billion.

Similarly,Prudential Insurance has collected Rs 1.03 billion and Oriental Insurance Rs 1.01 billion in the same period. Everest Insurance earned Rs 900 million and Ajod Insurance Rs 860 million. Likewise, National Insurance Company collected premium of Rs 760 million, United Insurance Rs 660 million, General Insurance Rs 540 million and Sanima Insurance Rs 350 million as the total premium.

Premium Collection Of Non Life Insurance Companies In Nepal

S.N Non-Life Insurance Companies In Nepal Total Premium Collection (In Rs. ‘Billion’)
1 Shikhar Insurance Company Limited 3.52
2 Sagarmatha Insurance Company Limited 2.19
3 Neco Insurance Company Limited 2.07
4 Siddhartha Insurance Company Limited 1.96
5 NLG Insurance Company Limited 1.73
6 Premier Insurance Company Limited 1.64
7 Prabhu Insurance Company Limited 1.55
8 Himalayan General Insurance Company Limited 1.37
9 IME General Insurance Company Limited 1.36
10 Lumbini General Insurance Company Limited 1.21
11 Nepal Insurance Company Limited 1.16
12 Prudential Insurance Company Limited 1.03
13 Oriental Insurance Company Limited 1.01
14 Everest Insurance Company Limited 0.9
15 Ajod Insurance Company Limited 0.86
16 National Insurance Company Limited 0.76
17 United Insurance Company Limited 0.66
18 General Insurance Company Limited 0.54
19 Sanima General Insurance Company Limited 0.35

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