Kathmandu. Current Fiscal Year 2083. In the first month of July 1988, life insurance companies have collected about Rs 22 billion in insurance premiums by renewing insurance policies.
According to the data released by the Nepal Insurance Authority (NIA) today, 14 life insurers have earned Rs 21.71 billion in renewal insurance premiums in the current fiscal year. In the previous fiscal year 2082. In the previous fiscal year, insurance companies had earned Rs 16.38 billion in renewal insurance premiums. The renewal premium collected by the insurers increased by 32.55 percent in the review period compared to the previous year.
Compared to the previous year, the renewal premium collection of all companies has increased in the month of July. The National Life Insurance Company is ahead in the growth rate while Nepal Life Insurance has collected the highest renewal insurance premium.
In the current fiscal year, Nepal Life has collected Rs 5.63 billion in renewal premium. In the previous year, the company had collected Rs 5.15 billion in the previous year. Compared to the previous year, the company’s renewal premium collection has increased by 9.31 percent.
National Life Insurance Company is the second highest collection of renewal insurance premiums. The company collected a renewal premium of Rs 3.74 billion in July. In the same period last year, the company had collected only Rs 39.23 crore. The company’s renewal premium increased by 854.20 percent compared to the previous year.
National Life Insurance is in the third. The company collected Rs 1.99 billion in renewal insurance premiums in the previous year, up 19.60 per cent from Rs 2.38 billion in the review period.
Similarly, Himalayan Life collected Rs 1.98 billion in renewal premiums in July. The company had collected Rs 1.79 billion in the same period last year. The company’s renewal premium has increased by 11.10 percent compared to the previous year.
Life Insurance Corporation (LIC Nepal) collected Rs 1.90 billion in renewal premiums, followed by Surya Jyoti Life Insurance of Rs 1.19 billion, Asian Life Insurance Rs 92.17 crore, Sanima Reliance Life Rs 71.11 million and Citizens Life Insurance Rs 66.25 million. In the review period, LIC Nepal has collected 4.37 percent, Surya Jyoti Life Insurance by 17.47 percent, Asian Life by 15.65 percent, Sanima Reliance Life by 16.38 percent and Citizen Life by 9.28 percent.
Similarly, IME Life earned Rs 65.44 crore, Prabhu Mahalaxmi Life earned Rs 57.68 crore, Reliable Nepal Life earned Rs 51.54 crore, MetLife earned Rs 460.1 million and Sun Nepal Life earned Rs 35.94 million. In the review period, IME Life Insurance increased by 26.40 percent, Prabhu Mahalaxmi Life by 12.45 percent, Reliable Nepal Life Insurance by 18.18 percent, MetLife by 10.61 percent and Sun Nepal Life Insurance by 15.84 percent.
