KATHMANDU, March 26: Insurance companies in Nepal have significantly increased their business, collecting a total of Rs 156 billion in premiums during the first eight months of the current fiscal year, according to the Nepal Insurance Authority. (NIA) Both life and non-life insurers contributed to this growth.
Seventeen life insurance companies, including three micro-insurers, generated Rs 127 billion in premiums from Shrawan to Falgun (mid-July to mid-March), marking a 16.68 percent increase compared to Rs 109 billion collected in the same period last year. First-year premiums alone rose sharply by 44.46 percent, reaching Rs 31.05 billion, up from Rs 21.53 billion last year.
Non-life insurance firms see growth, collect Rs 19.58 billion i...
Among life insurers, Nepal Life Insurance led the sector with Rs 32.98 billion in premiums, followed by National Life with Rs 15 billion. Life Insurance Corporation and Himalayan Life recorded Rs 13.46 billion and Rs 11.72 billion, respectively, while Rashtriya Life posted the highest growth rate of 95.2 percent, rising from Rs 4.48 billion to Rs 8.74 billion. Other life insurers, including Surya Jyoti Life, Asian Life, Citizen Life, Sanima Reliance, IME Life, Met Life, Reliable Nepal, Prabhu Mahalaxmi, Sun Nepal Life, collectively contributed significantly to the total premium growth.
Non-life insurance companies also showed robust growth, increasing their premium collection by 13.7 percent to Rs 32.52 billion, up from Rs 28.60 billion in the same period last year. Among them, Shikhar Insurance led the sector with Rs 4.38 billion in premiums, followed by Sagarmatha Lumbini at Rs 3.37 billion. Himalayan Everest recorded a remarkable 45.15 percent growth, collecting Rs 3.21 billion compared to Rs 2.21 billion last year, while NLG Insurance and United Ajod also posted double-digit growth of 36.2 percent and 22.8 percent, respectively. National Insurance was the only non-life insurer to see a slight decline, dropping by 2.79 percent.
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