Nepali insurers see notable rise in their businesses in Q1 of current FY

Published On: October 26, 2021 06:30 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Oct 26: Nepali insurance companies collected insurance premiums worth Rs 47.87 billion in the first three months of the current fiscal year. This is 20.11 percent more than the amount collected during the same period in the last fiscal year.

The records with the Insurance Board (IB) show that the life-insurance companies collected premiums of Rs 38.18 billion during mid-July and mid-October this year. In the review period last year, these insurers collected Rs 32.28 billion in premium against the policies they sold to their customers.

Of all 19 life-insurance companies, Nepal Life Insurance Company (NLIC) earned the largest premium of Rs 9.90 billion. Life Insurance Corporation with a premium collection of Rs 5.25 billion and Rastriya Beema Sansthan with Rs 4.53 billion were on the successive top list in the category.

Likewise, the non-life insurers observed a growth of 27.88 percent in their premium collection during the review period. According to the IB, 20 non-life insurance companies collectively earned a total of Rs 9.69 billion in premium collection in the first quarter of the current fiscal year.

Shikhar Insurance Company, with a premium collection of more than Rs 1 billion, led the group. Similarly, Sagarmatha Insurance earned Rs 906.70 million and Neco Insurance earned Rs 812.10 million in premium collection during the review period this year.


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