Kathmandu. The number of insurers’ offices, which have shrunk during the merger and merger of insurance companies, is increasing again. Despite the slowdown in the country’s economy, both life and non-life insurers have re-accelerated the process of adding branch offices for the convenience of the insured.
According to the Nepal Insurance Authority( NEA), the branch network has expanded as seven small insurers, which have been licensed in the recent past, have brought into operation branches and sub-branch offices in the designated provinces except the head office. Non-life insurers have been found to be more active than life in expanding the branch network.
According to nea, the current fiscal year 2081. The number of branches of insurers has increased by 2.15 percent in the third quarter (July-April). Eleven branches of life insurers and 52 branches of non-life insurers have been added. The number of branches of life insurers has increased by 0.60 percent while the number of branches of non-life insurers has increased by 4.71 percent.
According to the data published by the NRA, there are 1,844 branches of life insurers and 1,155 branches of non-life insurers as of Mid-April. As of Mid-April last year, there were 1,833 branches of life insurers and 1,103 branches of non-life insurers.
With the addition of the number of branches, the total manpower of the insurer has increased by 4.51 percent till mid-April of the current fiscal year. Last year, 11,569 people were directly employed, which increased to 12,091 at the end of the review period.
A total of 6,055 people have got direct employment in life insurance and 6,036 in non-life insurance till Mid-April of the current fiscal year. Till Mid-April last year, 5,794 people had got direct employment in life insurance and 5,775 in non-life insurance. In this way, the manpower of life insurers has increased by 4.5 percent and that of non-life insurers has increased by 4.52 percent.
There are 14 life insurers, 14 non-life insurers and seven micro insurers licensed by the NRA.
