Insurers collected premium of Rs 34 billion in first 2 months of current FY

Published On: October 12, 2022 07:03 PM NPT By: Republica | @RepublicaNepal

KATHMANDU, Oct 12: Nepali insurance companies collected a premium of around Rs 34 billion in the first two months of the current fiscal year.

According to the Insurance Board (IB), of the total amount, life insurers collected a premium of Rs 26.03 billion while non-life insurers collected the remaining of Rs 7.87 billion.

The premium collection of non-life insurers during mid-August and mid-September stood at Rs 3.39 billion, a decline by 24.05 percent compared to the amount in the previous month. However, premium collection by the life-insurers in the review period increased from Rs 10.97 billion to Rs 26.03 billion.

Among the life insurers, National Life Insurance Company collected the largest premium of Rs 7.62 billion in the first two months of the current fiscal year. In the non-life segment, Rastriya Beema Company earned the largest premium of Rs 361.80 million during the review period.

According to government records, around 39 percent of the population now has some kind of insurance coverage. The sector contributes around three percent to the country’s gross domestic product.