Kathmandu. Current fiscal year 2082. Life insurance companies have collected around Rs 29 billion in insurance premiums by renewing their policies till August 2018.
According to the data made public by the Nepal Insurance Authority, 14 life insurance companies have earned Rs 20.70 billion in renewal insurance premium till mid-August of the current fiscal year. Previous fiscal year 2081. Insurance companies had earned Rs 24.46 billion in renewal insurance premiums till mid-August 2018. The renewal premium has increased by 17.33 percent in the review period compared to the previous year.
Compared to the previous year, the renewal premium of 13 companies has increased while the renewal premium of 2 companies has decreased. KATHMANDU: Nepal Life Insurance Company (NLIC) has been leading in terms of growth rate while collecting the highest renewal premium.
Nepal Life Insurance has collected Rs 7.83 billion in renewal insurance premiums till mid-September of the current fiscal year. The company had collected Rs 7.70 billion in the same period last year. Compared to the previous year, the company’s premium collection has increased by 1.64 percent.
National Life Insurance Company is the second highest collection of renewal insurance premiums. The company has collected Rs 3.68 billion in renewal premium till mid-August. The company had collected Rs 73.51 crore in renewal premium in the same period last year. The company’s renewal premium has increased by 401.46 percent compared to the previous year.
The third is National Life. The company had collected Rs 2.80 billion in renewal insurance premiums in the previous fiscal year, which increased by 9.09 percent to Rs 3.05 billion in the review year.
Similarly, Life Insurance Corporation of Nepal has collected Rs 2.91 billion in renewal insurance premium till mid-August. The company had collected Rs 2.94 billion in the same period last year. The company’s renewal premium decreased by 0.97 percent compared to the previous year.
Nepal Life Insurance has collected Rs 2.99 billion in renewal insurance premium of Rs 1.59 billion, Citizen Life Insurance Rs 1.59 billion, Citizen Life Insurance Rs 1.05 billion and Reliance Life Insurance Rs 1.95 billion. In the review period, the insurance premium of Himalayan Life increased by 5.34 percent, Surya Jyoti Life Insurance by 12.90 percent, Asian Life Insurance by 3 percent, Citizen Life Insurance by 14.69 percent and Sanima Life Insurance by 8.76 percent.
Likewise, Prabhu Life Insurance has collected Rs 79.25 crore in renewal insurance in the review period, Prabhu Life Insurance Rs 77.25 crore, Reliable Nepal Life Insurance Rs 72.40 crore and Sun Nepal Life Insurance Rs 49.96 crore. In the review period, MetLife Insurance increased by 7.14 percent, IME Life Insurance by 18.51 percent, Prabhu Mahalaxmi Life by 7.76 percent, Reliable Nepal Life Insurance by 11.91 percent and Sun Nepal Life Insurance by 11.96 percent.
