Insurance companies collect Rs 460 million in foreign employment insurance premiums

KATHMANDU, Oct 12: Insurance companies have collected Rs 490 million in insurance premiums through foreign employment insurance in the past two months. This has been revealed by the data published by the Nepal Insurance Authority up to the month of Bhadra (mid-August to mid-September) in the current fiscal year.

In the months of Shrawan (mid-July to mid-August) and Bhadra of the current FY, companies have earned a total of Rs 492.69 million in insurance premiums through foreign employment insurance. Nepali workers going for foreign employment are required to obtain mandatory insurance.

Currently, a total of 21,55,215 foreign employment insurance policies are active. In Bhadra alone, companies collected Rs 245.4 million in insurance premiums. During that month, companies issued 58,366 foreign insurance policies.

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National Life, Nepal Life, Asian, IME, Sun Nepal, Reliable Nepal, Citizen, Surya Jyoti, Sanima Reliance, Prabhu Mahalaxmi, and Liberty Micro Life Insurance are among the companies providing foreign employment insurance.

Among these, Sun Nepal Life has been the most successful in foreign employment insurance business. The company has generated Rs 2.3 billion in insurance premium from this sector in just two months. Sun Nepal holds nearly half of the foreign employment insurance market share, with a reported contribution of 46.87 percent  in this sector until Bhadra. Currently, the company has a total of 705,620 active insurance policies. In Bhadra alone, the company sold 27,178 insurance policies, generating Rs 113.3 million in insurance premiums.

During the review period, Asian Life collected Rs 85.4 million, Nepal Life collected Rs 42.1 million, National Life collected Rs 39.9 million, Sanima Reliance collected Rs 27.6 million, Surya Jyoti collected Rs 27.3 million, and Reliable Nepal Life collected Rs 20.5 million in insurance premiums.

Similarly, Citizen Life collected Rs 13.2 million, IME Life collected Rs 4.8 million, Prabhu Mahalaxmi collected Rs 545,000, and Liberty Micro Life only collected Rs 49,000 in insurance premiums through foreign employment insurance.