Kathmandu. The renewal fee of life insurance companies has increased by 12.5 percent.
According to the data released by the Nepal Insurance Authority(NEA), 14 life insurance companies have earned Rs 109.43 billion in renewal insurance fees in the last 10 months of the current fiscal year. Last year, the companies had earned Rs 97.12 billion in renewal insurance premium. Compared to last year, the renewal insurance fee of the companies has increased by 12.67 percent in the review period.
Nepal Life insurance company is the highest earner of renewal insurance till April of the current fiscal year, while National Life Insurance Company is at the top in terms of growth.
During the review period, Nepal Life has earned Rs 29.47 billion in renewal insurance premium. Last year, Nepal Life had earned Rs 26.96 billion in renewal insurance premium. Compared to the previous year, there has been an increase of 9.32 percent in the review period.
Life Insurance Corporation has earned the second highest renewal insurance premium till the review period. The company has earned Rs 13.43 billion in renewal insurance premium till the review period. The company had earned Rs 12.52 billion in renewal insurance premium till April last year. Compared to the previous year, the company’s renewal insurance premium has increased by 7.28 percent in the review period.
The third is National Life. The company has earned Rs 12.91 billion in renewal insurance premium till the review period. In the previous fiscal year, the company had earned Rs 10.61 billion in renewal insurance premium. Compared to the previous year, the renewal fee of the company has increased by 21.72 percent in the review period.
Himalayan Life has collected Rs 11.73 billion in renewal insurance fees till Mid-April of the current fiscal year. The company had raised Rs 11.69 billion till April last year. Compared to the previous year, the company’s renewal insurance fee has decreased by 0.35 percent.
Similarly, National Life Insurance Company earned Rs 7.61 billion, Suryajyoti Life Rs 6.25 billion, Asian Life Rs 5.57 billion, Citizen Life Rs 3.96 billion, Met Life Rs 3.87 billion and Sanima Reliance Life Rs 3.80 billion. Renewal fees of companies increased by 43.92 percent, 13.81 percent, 10.44 percent, 21.14 percent, 9.80 percent and 13.46 percent respectively compared to the previous year.
IME Life insurance has earned Rs 2.90 billion, Prabhu Mahalaxmi Life Insurance Rs 2.88 billion, Reliable Nepal Life Insurance Rs 2.78 billion and Sun Nepal Life Insurance Rs 2.20 billion. Compared to the previous year, the company’s renewal insurance revenue increased by 17.29 percent, 7.28 percent, 24.47 percent and 13.70 percent respectively.
