Kathmandu. Although the growth rate of insurance premium income for new business of life insurance companies has improved, it has still not been able to achieve the business figure of five years ago in terms of amount.
According to the data published by the Nepal Insurance Authority, the life insurance business is in the current fiscal year 2081. By the third quarter of 1982, there was an increase of 28 percent. During this period, life insurance earned a total of Rs 27.47 billion from new business. Last fiscal year 2080. This is a significant increase of 28 percent compared to 81. The licensed life insurer had earned a total of Rs 21.54 billion in the first insurance premium in the same period last fiscal year.
In the last fiscal year, life insurance company’s first insurance revenue growth rate was only 3 percent. Against the backdrop of 3 per cent growth rate, the growth rate of 28 per cent has emboldened life insurers. They said that as the national economy is slowly returning to normal, it has a positive impact on the life insurance business as well.
The insurance premium income for the new insurance business up to the third quarter of the last fiscal year 2079 BS. There was only a slight increase of 3 percent compared to 80. In the previous fiscal year, life insurers had earned a total of Rs 21.5 0 billion in insurance premium by issuing insurance policies till Mid-March.
There has been a positive impact on the life insurance business as there has been some improvement in economic activity along with positive changes in economic indicators.
Fiscal year 2077 as compared to the last five years. In 1978, life insurance company’s premium income for the sale of new insurance policy was Rs 32.15 billion. Since then fiscal year 2078. 79 and 2079. The income for the sale of new insurance policies has been steadily declining in the fiscal year 2080 BS. It was only from 1981 that the improvement began.
Life insurer’s first insurance premium income fiscal year 2078. It was Rs 28.89 billion in 1979. fiscal year 2078. Fiscal year 2079 from 79. Nepal’s life insurance business also contracted due to the recession of the global economy under the shadow of the war between Russia and Ukraine before coming out of the grip of the corona epidemic in the 80s. fiscal year 2019. Revenue from the sale of new policies had shrunk by 27.31 percent in 1980.
| Financial Year | New business(FPI) till Chaitra end (Rs. in Lakh) | Difference in FPI(Rs. in Lakh) | Growth % |
| 2081-82 | 274,737.28 | 59,321.06 | 28% |
| 2080-81 | 215,416.22 | 5,365.24 | 3% |
| 2079-80 | 210,050.98 | (78,942.02) | -27% |
| 2078-79 | 288,993.00 | (32,543.12) | -10% |
| 2077-78 | 321,536.12 |
According to The Nepal Insurance Authority( NEA), life insurers (including small insurers) will pay the current fiscal year 2081. At the end of the third quarter of 2017-19, a total of Rs 127.36 billion has been collected. This is an increase of 15 percent compared to the same period last fiscal year. In the same period of the last fiscal year, life insurers had collected Rs 110.16 billion in total insurance premium (including renewal).
This is the index of economy for the current fiscal year
Nepal Rastra Bank (NRB) fiscal year 2081. The report on the current economic and financial situation of the country has been released based on the data up to 9 months (March 2019). According to a report released by the central bank, credit flow increased by 7.1 percent compared to the same period. Remittances have increased by 10 percent. There is a savings of Rs 346.23 billion. Foreign exchange reserves are sufficient to sustain the import of goods and services for 14.2 months.
According to the Rastra Bank, the increase in imports and inflation rate are in a controlled state.
According to data released by the Asian Development Bank (ADB) recently, Nepal’s gross domestic product (GDP) growth is projected to be 4.4 percent and 5.1 percent in the current fiscal year and next year respectively. Which can be considered as a sign of economic recovery.
