Kathmandu. Insurance companies in the current financial year 2082. In the first month of July, the company had a business of more than Rs 24.41 billion.
As per the data released by the Insurance Authority, 14 life insurance, 14 non-life, 3 light life and 4 micro non-life insurance companies have earned Rs 24.41 billion in insurance premiums in the current fiscal year. Previous fiscal year 2081. In the review period, the insurance companies earned Rs 22.88 billion in premiums. The business of insurance companies increased by 6.69 percent in the review period compared to the previous year.
According to the data of NEA, life insurance companies have earned Rs 20.02 billion in insurance premiums in the current fiscal year. It was 7.78 percent more than the previous year. In the previous fiscal year, life insurance companies had earned Rs 18.57 billion in total insurance premiums.
In the current fiscal year, life companies have collected Rs 3.63 billion in first life insurance premium and Rs 16.38 billion in renewal life premium. In the previous fiscal year, the companies had collected Rs 2.83 billion in first life premium and Rs 15.73 billion in renewal premium. In the review period, the first insurance premium increased by 29.92 percent and the renewal premium by 4.15 percent compared to the previous year.
As of mid-July of the current fiscal year, there were 1,58,86,369 active insurance policies of life insurance companies. The number of active insurance policies till mid-July last year was 1,37,07,251. The number of active insurance policies has increased by 15.90 percent.
Similarly, the non-life insurance companies earned Rs 4.39 billion in insurance premiums in the review period. The company had earned Rs 4.31 billion in insurance premiums in the previous fiscal year. The business of non-life insurance companies increased by 1.97 percent in the review period compared to the previous year.
In the current fiscal year, the number of life insurance policies (excluding provisional, short-term, foreign employment, life insurance) stood at 57,42,735. This was 1.52 percent more than the previous year. In the previous year, the number was 56,56,604.
In the review period, the number of temporary and short term life insurance policies stood at 7,524,394 and the number of foreign employment insurance policies stood at 2,619,236. In the previous fiscal year, the number of temporary and short term life insurance policies was 59,45,673 and the number of foreign employment insurance policies were 2,104,974. The number of temporary and short term life insurance policies and foreign employment insurance policies increased by 26.55 percent and 24.43 percent in the review period as compared to the previous year.
As of mid-July of the current fiscal year, the number of people covered under insurance has increased to 49.08 percent. As of mid-July last year, 42.70 per cent of the population was covered under the insurance coverage.
