Kathmandu. In the last three years, micro life and non-life insurance companies have collected Rs 2.05 billion and paid claims of Rs 44.57 crore.
The non-life insurer has paid claims of Rs. 177 million from the fiscal year 2079/80 to 2081/82. Similarly, the life insurer paid a total of Rs. 26.87 crores during the period from Ashad to 2077/78 BS.
Small Life Insurer’s Premium Income:
According to the annual report of the Nepal Insurance Authority, the micro life insurer who started the business in the last month of the fiscal year 2077/78 has earned a total insurance premium of Rs 1.01 billion in the four years from the fiscal year 2077/78 (July alone).
In the first year, he collected only Rs 2 lakh in the insurance premium. After that, the collection of Rs.16.98 crore and Rs.84.34 crore has been collected in the fiscal year 2080/81 and 2081/82 respectively.
Micro insurance, microfinance and life insurance policies issued for the purpose of credit protection of cooperatives are the main sources of income of micro life insurers. One of the reasons for the significant increase in insurance premium collection in the last year is that the share of foreign employment insurance accounts is acquired.
Small Life Insurer Claim Details:
Although there is no details of insurance claims in the FY 2079/80, which was the first year of starting the business, in the FY 2080/81, the number of 79 claims was Rs. 11.9 crore and in the FY 2081/82, the payment of Rs. 25.68 crore was made in the total number of 2,109 claims. The small life insurer is yet to pay Rs. 9 lakhs for 5 policies.
Small Life Insurer’s Premium Income:
The micro non-life insurance companies that started their business from the last month of the fiscal year 2079/80 have collected a total premium of Rs 1.03 billion till the fiscal year 2081/82. Motor insurance accounts for the largest share in the business of non-life insurers.
Small Life Insurance Claim Details:
In the FY 2079/80, in the first year of the business, there was no details of insurance claims, but in the FY 2080/81, there was a gradual increase of Rs. 14.6 million in 164 claims and in the year 2081/82, the payment of Rs. 16.24 crore was made in the total number of 1,754 claims. In the fiscal year 2081/82, a total of 1,024 claims of Rs 76.9 million are yet to be paid.
