Premium collection by insurance companies surges by 25.67 percent in first half of current FY

Published On: February 2, 2021 05:44 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Feb 2: Insurance companies have collected premiums worth Rs 36.61 billion in the first half of the current fiscal year, which is an increment of 25.67 percent to the amount collected during the same period in the last fiscal year.

Among the insurers, the premium collection of life insurance companies rose by 39 percent to Rs 21.25 billion, according to the records of the Insurance Board. With an increasing number of people being attracted to get insured, there was a growth in insurers’ businesses even at the time when the economy was badly affected by the impact of the coronavirus.

Similarly, the premium collection of non-life insurance companies increased by 11 percent to Rs 15.36 billion. The growth in business of non-life insurers has been attributed to the companies selling the insurance policies against COVID-19.

During mid-July and mid–January, the non-life insurers sold 1,514,600 units of policies to their clients. There are 19 life insurance companies, 20 non-life insurance companies and a reinsurance company operating in the country.  


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