Kathmandu. Insurance companies have done business worth more than Rs 200 billion in the 11 months of the current fiscal year.
According to the data released by the Nepal Insurance Authority(NEA), insurance companies have earned a total insurance premium of Rs 195.41 billion in the 11 months of the current fiscal year. The insurance companies had earned a total insurance premium of Rs 170.32 billion till May of the previous fiscal year. Compared to the previous year, the business of insurance companies increased by 14.51 percent in the review period.
The share of life insurance in the total business is 79.55 percent and the share of non-life insurance is 20.45 percent. The previous share was 78.53 percent for life insurance and 21.43 percent for non-life insurance.
At present, 14 life, 14 non-life, three lung life and four micro non-life insurance companies are doing business in Nepal.
According to the NRA data, life insurance companies have earned a total insurance premium of Rs 155.15 billion till May of the current fiscal year. This is an increase of 16 percent compared to the previous year. In the same period last year, life insurance companies had earned a total insurance premium of Rs 133.75 billion.
In the current fiscal year, life companies have collected Rs 35.17 billion in first life insurance and Rs 119.98 billion in renewal life insurance. In the same period last year, the companies had collected Rs 27.70 billion in first life insurance and Rs 106.58 billion in renewal life insurance. The first insurance premium has increased by 26.98 percent and renewal insurance by 13.13 percent in the review period compared to the previous year.
As of the review period, the number of active insurance policies of life insurance companies was 15,498,701. In the same period last year, the number of active policies was 14 million 89 thousand 777. The number of insurance policies has increased by 10 percent.
Similarly, the non-life insurance companies have earned a total insurance premium of Rs 39.88 billion till May of the current fiscal year. In the same period last year, the companies had earned a total insurance premium of Rs 36.56 billion. The business of non-life insurance companies increased by 9.06 percent in the review period compared to the previous year.
As of the review period, the number of life insurance policies (except term, short term, foreign employment life insurance) was 5,536,449. Which is 2.87 percent less than the same period last year. In the same period last year, the number was 57 lakh 278.
The number of term and short term life insurance policies is 7,421,294 and the number of foreign employment policies is 2,540,958 till May of the current fiscal year. In the same period last year, the number of term and short term life insurance policies was 6,322,262 and the number of foreign employment policies was 2,067,237. Compared to the previous year, the number of term and short term life insurance has increased by 17.38 percent and the number of foreign employment insurance has increased by 22.92 percent.
During the review period, the population covered under insurance has increased to 47.95 percent. In the same period last year, 43.95 percent of the population was covered under insurance.
