Kathmandu. Life insurers have aggressively increased their new business.
Nepal Insurance Authority (NIA) has released the current fiscal year 2082. This is what the data shows for the 8 months of ’83 (July-February). A total of 14 life insurance companies have collected Rs 28.14 billion in first insurance premium till mid-March of the current fiscal year. Last year, 2081. The companies had collected Rs 21.12 billion in first insurance premiums till mid-March 2018. The new business of insurers increased by 33.24 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 in all 13 companies and one decreased.
Nepal Life has earned Rs 7.42 billion in insurance premiums till mid-March of the current fiscal year. The company had collected Rs 5.24 billion in first insurance premiums in the same period last year. The company’s new business increased by 41.46 percent in the review period compared to the previous year.
The second is National Life. During the review period, the company has collected Rs 4.04 billion in first insurance premium. The company’s new business increased by 22.27 percent in the review period compared to the same period last year. The company had collected Rs 3.30 billion in first insurance premium till March last year.
Life Insurance Corporation Nepal (LIC Nepal) is the third company to bring in more new business. The company has collected Rs 1,714.82 crore in first insurance premium till mid-March of the previous year, which increased by 25.61 percent to Rs 2.15 billion in the review period.
Similarly, Surya Jyoti Life earned Rs 1.89 billion in new business, Citizen Life earned Rs 1.70 billion, Asian Life earned Rs 1.60 billion and Himalayan Life earned Rs 1.53 billion. During the review period, Surya Jyoti Life Insurance Ltd saw a growth of 21.72 percent, Citizen Life Insurance by 43.75 percent, Asian Life Insurance by 48.13 percent and Himalayan Life Insurance by 2.08 percent.
Nepal Life Insurance has collected Rs 1.19 billion in insurance premiums, Prabhu Life Insurance Rs 1.19 billion, Reliable Life Insurance Rs 1.96 billion, Reliable Life Insurance Rs 1.8 billion, Reliance Life Insurance Rs 1.8 billion, and Sun Nepal Life Insurance Rs 1.19 billion. In the review period, IME Life Insurance gained 90.41 percent, Reliable Nepal Life Insurance by 50.16 percent, Sanima Life Insurance by 23.59 percent, Prabhu Mahalaxmi Life Insurance by 32.36 percent, Mate Life Insurance by 20.39 percent, Rastriya Life Insurance by 75.06 percent and Sun Nepal Life Insurance by 17.99 percent.
