Sagarmatha Insurance (SIC) Enters Into 25 Years Of Operation

July 17, 2020 | Investopaper

Sagarmatha Insurance Company (SIC) has entered into the 25th year of operation from today. The insurance company started its operation from Shrawan 2, 2053. It is the only non-life insurance company in Nepal to enter into a joint venture with foreign investment. Its Joint Venture Partner, Ceylinco Insurance PLC, is a leading insurance company in Sri Lanka.

Ceylinco Insurance has 20 percent ownership in Sagarmatha Insurance. Likewise, the general public possess 29 percent shares while the promoters have 51 percent stock in the company.

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Sagarmatha Insurance, which established an office in Thapathali, Kathmandu with about 10 employees, is currently providing insurance services through 361 employees of 73 offices in all seven provinces. It has its own office building as the head office located at Naxal, Kathmandu.

Starting from a paid up capital of Rs. 3.06 crores, the company currently has a paid up capital of Rs. 1 Arba. In the first year of its establishment, the company collected Rs. 59.77 lakh in premium and paid Rs. 44,000 as claim. By the end of 2076/077, the company earned the insurance premium of Rs. 2.19 Arba and paid the claim of Rs. 1.03 billion.

The company settled the highest number of claim during the earthquake of 2072 that amounts to Rs 1.93 Arba.

Mr. Chunky Chhetry as the Chief Executive Officer (CEO) leads the management team of Sagarmatha Insurance. Mr. Ram Krishna Manandhar is the chairman of the company.

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