Kathmandu. The renewal fee of life insurance companies has increased by 13 percent.
As per the data released by the Nepal Insurance Authority (NEA) today, 14 life insurance companies have earned Rs 119.96 billion in renewal insurance premiums in the last 11 months of the current fiscal year. Last year, the companies had earned Rs 106.58 billion in renewal insurance premium. Compared to last year, the renewal fee of the companies has increased by 13.11 percent in the review period.
Nepal Life insurance company has earned the highest renewal insurance premium till May of the current fiscal year.
During the review period, Nepal Life has earned Rs 32.79 billion in renewal insurance premium. Nepal Life had earned Rs 29.30 billion in renewal insurance premium till May last year. Compared to the previous year, there has been an increase of 11.89 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 14.83 billion in renewal insurance premium till the review period. The company had earned Rs 13.82 billion in renewal insurance premium till May last year. The company’s renewal premium has increased by 7.27 percent in the review period compared to the previous year.
The third is National Life. The company has earned Rs 13.98 billion in renewal insurance premium till the review period. In the previous fiscal year, the company had earned Rs 11.81 billion in renewal insurance premium. The company’s renewal fee has increased by 18.36 percent in the review period compared to the previous year.
Himalayan Life has collected Rs 12.90 billion in renewal insurance premium till May of the current fiscal year. The company had raised Rs 12.59 billion till May last year. Compared to the previous year, the renewal fee of the company has increased by 2.46 percent.
Similarly, National Life Insurance Company earned Rs 7.89 billion, Suryajyoti Life Rs 6.85 billion, Asian Life Rs 6.07 billion, Citizen Life Rs 4.40 billion, Met Life Rs 4.28 billion and Sanima Reliance Life Rs 4.19 billion during the review period. The renewal fees of the companies increased by 44.85 percent, 14.35 percent, 10.42 percent, 19.30 percent, 9.13 percent and 10.18 percent respectively compared to the previous year.
IME Life insurance has earned Rs 3.18 billion, Prabhu Mahalaxmi Life Insurance Rs 3.15 billion, Reliable Nepal Life Insurance Rs 3.01 billion and Sun Nepal Life Insurance Rs 2.37 billion. Compared to the previous year, the company’s renewal insurance revenue increased by 16.76 percent, 8.90 percent, 23.68 percent and 14.56 percent respectively.
