Kathmandu. The insurance business in Nepal has increased by more than 81 percent in a month.
According to the data of the Nepal Insurance Authority, the companies had earned Rs 44.28 billion in insurance premiums till mid-August. The company had earned Rs 24.41 billion in insurance premiums in the review period. The company’s business increased by 81.36 percent in the month of August compared to August.
According to the NEA, life insurers (14 life and 3 micro life companies) have earned Rs 20.02 billion in insurance premiums and non-life insurers (14 non-life and 4 micro-life insurance companies) have earned Rs 4.39 billion in insurance premiums in the review period. Life insurance companies and non-life insurers had collected Rs 35.99 billion in insurance premiums till mid-August, 2018. The business of life insurers has increased by 79.77 percent and that of non-life insurers by 88.62 percent.
Similarly, the total number of insurance policies issued by the life insurance company till mid-August is 1,198,643. The total number of insurance policies issued by life insurers in August was 6,48,588. The total number of insurance policies issued till mid-August has also increased by 84.81 percent compared to mid-August.
On the other hand, the number of insurance policies issued by the non-life insurance company has increased to 4,90,309 in August from 2,43,741 in mid-August. The number of insurance policies issued has increased by 101.16 percent till mid-August compared to mid-July.
In recent years, the life insurance market has started gaining momentum due to the increase in awareness about insurance. On the other hand, the size of the non-life insurance market has started increasing due to the loss of life and property from natural disasters every year and the occasional agitation.
According to the Insurance Authority, 49.19 percent of the population covered by insurance has reached 49.19 percent as of last August. As of August last year, 42.92 per cent of the population was covered by insurance.
