Kathmandu. Current fiscal year 2082. In the first two months of ’83, the companies have brought in more than Rs 44.25 billion in business.
As per the data released by the Nepal Insurance Authority (NEA), 14 non-life insurance companies, 3 light life and 4 micro non-life insurance companies have collected Rs 44.28 billion in insurance premiums till mid-September of the current fiscal year. Previous fiscal year 2081. The companies had collected Rs 38.01 billion in insurance premiums till mid-August 2018. The company’s turnover increased by 16.49 percent in the review period compared to the previous year.
According to the statistics, life insurance companies have earned Rs 35.99 billion in insurance premiums till mid-September of the current fiscal year. It was 19.34 percent over the previous year. In the previous fiscal year, life insurance companies had earned Rs 30.15 billion in total premiums.
Life insurance companies have collected Rs 7.26 billion in first life and Rs 28.72 billion in renewal insurance premiums till mid-August of the current FY. In the previous fiscal year, the company had collected Rs 5.68 billion in first life premium and Rs 24.46 billion in renewal life premium. During the review period, the first insurance premium has increased by 27.77 percent and the renewal premium has increased by 17.38 percent compared to the previous year.
The number of active insurance policies of life insurance companies stood at 1,59,36,771 in the review period. The number of active insurance policies till August last year was 1,37,84,088. The number of active insurance policies has increased by 15.62 percent.
Similarly, the non-life insurance companies have earned Rs 8.29 billion in insurance premiums till mid-September of the current fiscal year. The company had earned Rs 7.85 billion in insurance premiums till mid-August of the previous year. The business of non-life insurance companies has increased by 5.55 percent in the review period compared to the previous year.
As of mid-August of the current fiscal year, there are 57,98,783 life insurance policies (excluding temporary and foreign employment life insurance policies). It was 1.78 percent lower than the same period last year. Last year, the number was 56,97,566.
In the review period, there were 7,545,933 term and short term life insurance policies and 2,592,055 foreign employment insurance policies. As of mid-August last year, there were 5,931,319 temporary and micro-term life insurance policies and 2,155,203 foreign employment insurance policies. The number of term and short term life insurance policies has increased by 27.22 percent and the number of foreign employment insurance policies by 20.27 percent in the review period compared to the previous year.
As of mid-August of the current fiscal year, the number of people covered under insurance has increased to 49.19 percent. As of August last year, 42.92 per cent of the population was covered by insurance.
