Kathmandu. Life insurers have seen attractive progress in their new business. Nepal Insurance Authority (NIA) has released the current fiscal year 2082. This is what the data shows for the 11 months of ’83 (July-May).
According to the statistics, 14 life insurance companies have collected Rs 39.59 billion in first insurance premium till mid-June of the current fiscal year. Last year, 2081. The companies had collected Rs 31.34 billion in first insurance premiums till May 19, 2018. The new business of insurers increased by 26.31 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 14 companies.
Nepal Life Insurance has collected Rs 10.16 billion in insurance premiums till mid-May of the current fiscal year. The company had collected Rs 7.91 billion in first insurance premiums in the same period last year. The company’s new business increased by 28.51 percent in the review period compared to the previous year.
The second is National Life. During the review period, the company has earned Rs 5.63 billion in insurance premiums. The company’s new business increased by 19.84 percent in the review period compared to the same period last year. The company had collected Rs 4.70 billion in insurance premiums till mid-May last year.
Life Insurance Corporation Nepal (LIC Nepal) is the third company to bring in more new business. The company had collected Rs 2.41 billion in insurance premiums till mid-May of the previous year, which increased by 24.02 percent to Rs 2.98 billion in the review period.
Likewise, Citizen Life earned Rs 2.45 billion, IME Life earned Rs 2.46 billion, Himalayan Life earned Rs 2.44 billion, and Citizen Life earned Rs 2.12 billion. In comparison to the period last year, Surya Jyoti Life Insurance increased by 19.05 percent, Citizen Life by 41.54 percent, IME Life by 79.19 percent, Himalayan Life Insurance by 3.73 percent and Asian Life Insurance by 33.45 percent.
Nepal Life Insurance has collected Rs 1.11 billion in insurance premiums, Prabhu Life Insurance Rs 1.82 billion, Prabhu Life Insurance Rs 1.89 billion, Prabhu Life Insurance Rs 1.4 billion, and Sun Nepal Life Insurance has collected Rs 1.11 billion in insurance premiums till mid-June this year. In the review period, Reliable Nepal Life Insurance Company Ltd has a growth of 37.70 percent, Sanima Life Insurance has increased by 21.98 percent, Prabhu Mahalaxmi Life Insurance by 29.34 percent, Met Life Insurance by 14.88 percent, Rastriya Life Insurance by 16.41 percent and Sun Nepal Life Insurance by 17.03 percent.
