Kathmandu. Nepal Insurance Authority (NEA), the regulator of the insurance sector, has been found to be misleading the stakeholders by publishing fake data regarding the transactions of the insurance sector in its annual report.
Insurance Khabar has found serious flaws in the data related to the life insurance business published in the annual report of the AUTHORITY. The NRA has misled the stakeholders by distorting the data of the increase in the total insurance income in the life insurance business.
| Annual Report of | 76-77 | 77-78 | 78-79 | 79-80 | 80-81 |
| FY 80-81 | 9912 | 12114 | 13864 | 14257 | 15650 |
| FY 79-80 | 9135 | 11803 | 12470 | 14546 | 15633 |
| Diff Amount | 777 | 311 | 1394 | -289 | 17 |
| Diff Percent | 9% | 3% | 11% | -2% | 0.11% |
FY 2079. 80 and 2080. Total insurance premium income of the life insurer mentioned in the annual report of 81 (in Crores)
The last published fiscal year 2080 by the AUTHORITY. 81, fiscal year 2079 with annual brief statement. Compared to the figures published in the annual report of 1980, there is a difference of up to 11 percent in the total insurance premium of the life insurer.
2079. According to the annual report of 1980,000, a total of Rs 14.54 billion was collected in the fiscal year 2018/19. Immediately 2080. According to the annual report of 2018-19, a total of Rs 14.25 billion was earned as insurance premium in the fiscal year 2018/19. According to the data of these two annual reports, fy 2079. There is a difference of Rs 289 million in the total insurance premium collection of Rs 80.
F.V. 2080. Details of the transaction of life insurers of 81, one in the annual report of the AUTHORITY and insurance industry at a glance on the AUTHORITY’s website have published .
Although there is a discrepancy in the data regarding the total insurance collection of life insurers, the data of insurance income of non-life insurers has also been found to be wrong. In two separate annual reports, the insurance premium income of non-life insurers has varied from 1 to 10 percent.
| Annual Report of | 76-77 | 77-78 | 78-79 | 79-80 | 80-81 |
| FY 80-81 | 2764 | 2892 | 3612 | 4051 | 4118 |
| FY 79-80 | 2764 | 3225 | 3915 | 4034 | 4147 |
| Diff Amount | 0 | -333 | -303 | 17 | -29 |
| Diff Percent | 0% | -10% | -8% | 0% | -1% |
FY 2079. 80 and 2080. Insurance income of the non-life insurer mentioned in the annual report of 81 (in Crores)
Such a myth badly affects all kinds of decisions made on the basis of the growth rate of nepal’s life insurance business. Monthly or annual data published by the AUTHORITY is the basis for determining whether the total insurance growth rate achieved by a life insurer is less, equal to or greater than the average growth rate of the market.
The data published by the regulator is considered reliable from any other source. Any study and research in the relevant field is done on the basis of such data.
NeA has implemented real-time transaction system for the accuracy of data collected from the insurer. Under this, the transaction details of the insurer flow to the regulatory information system of the authority. In addition, the insurer also submits a separate periodic report. Despite all these provisions and systems, misinformation is being produced without data.
