Kathmandu. The new business of life insurers (excluding foreign employment insurance premium) has increased by 36 percent.
Nepal Insurance Authority (NIA) has released the current fiscal year 2082. This is what the data shows in the first five months of ’83. A total of 14 life insurance companies have collected Rs 16.97 billion in first insurance premium till the end of the current fiscal year. Last year, 2081. The companies had collected Rs 12.47 billion in first insurance premiums till December 1980. The new business of insurers increased by 36.09 percent in the review period compared to the previous year.
During the review period, Nepal Life Insurance has brought the highest number of new businesses while IME Life is ahead in terms of growth rate. New business increased by 13 companies, while one decreased.
Nepal Life Insurance has collected Rs 5.12 billion in insurance premiums till the end of the current fiscal year. The company had collected Rs 3.21 billion in first insurance premiums in the same period last year. The company’s new business increased by 59.63 percent in the review period compared to the previous year.
The second is National Life. During the review period, the company has collected Rs 2.41 billion in insurance premiums. The company’s new business increased by 27.69 percent in the review period compared to the same period last year. The company had collected Rs 1.88 billion in insurance premiums till mid-December last year.
Life Insurance Corporation Nepal (LIC Nepal) is the third company to bring in more new business. The company had collected Rs 1.02 billion in insurance premiums till December last year which increased by 26.55 percent to Rs 1.29 billion in the review period.
Similarly, Surya Jyoti Life earned Rs 1.09 billion in new business, Citizen Life earned Rs 945.55 million and Himalayan Life earned Rs 876.88 million in the review period. During the review period, Surya Jyoti Life Insurance Ltd and Citizen Life Ltd saw a 18.54 percent and 34.99 percent growth while Himalayan Life Ltd decreased by 6.75 percent.
Also, Nepal Life Insurance has collected Rs 19.11 billion in insurance premiums, Prabhu Life Insurance Rs 64.99 billion, Prabhu Life Insurance Rs 64.99 billion, Prabhu Life Insurance Rs 4.19 billion, Reliable Life Insurance Rs 1.4 billion, IME Life Insurance Rs Rs 79.13 crore, Reliable Life Insurance Rs 1.4 billion, and Sun Nepal Life Insurance Rs 2.11 billion. In the review period, the new business of Asian Life increased by 45.13 percent, IME Life Insurance by 88.04 percent, Sanima Life Insurance by 24.97 percent, Reliable Nepal Life Insurance by 48.03 percent, Reliable Nepal Life Insurance by 19.69 percent, Prabhu Mahalaxmi Life Insurance by 32.37 percent, Rastriya Life Insurance by 32.70 percent and Sun Nepal Life Insurance by 13.74 percent.
