Kathmandu. Current Fiscal Year 2083. As of the first quarter (July-September) of 2018, life insurance companies have brought in a business of more than Rs 57.5 billion.
According to the data released by the Insurance Authority of Nepal, 14 life insurers have collected a total insurance premium of Rs 57.52 billion till September of the current financial year. In the previous year, 2082. The companies had collected a total insurance premium of Rs 49.22 billion till September of the previous year. The business of the companies increased by 16.85 percent during the review period compared to the previous year.
Nepal Life Insurance has been the top gainer in terms of business growth during the review period. The business of all insurers has increased during the review period compared to the previous year.
Nepal Life has collected a total insurance premium of Rs 14.72 billion till the end of the current fiscal year. The company had collected a total insurance premium of Rs 13.45 billion till September of the previous year. The company’s business has increased by 9.47 percent in the review period compared to the previous year.
Similarly, National Life Insurance is the second largest businessholder. The company has collected a total insurance premium of Rs 7.36 billion till the review period. The company had collected a total insurance premium of Rs 5.68 billion till September of the previous year. The company’s business has increased by 29.51 percent during the review period compared to the previous year.
Life Insurance Corporation (LIC Nepal) is in the third position in terms of bringing in more business. The company collected a total premium of Rs 4.98 billion till September last year, while it collected a total premium of Rs 5.45 billion during the review period. The company’s business increased by 9.52 percent during the review period compared to the previous year.
Similarly, Himalayan Life earned Rs 5.15 billion, National Life Insurance Rs 4.83 billion, Surya Jyoti Life earned Rs 3.51 billion and Asian Life earned Rs 2.78 billion in total insurance premiums till mid-October of the current fiscal year. Himalayan Life Insurance Company has earned 16.12 percent, National Life Insurance Company 6.61 percent, Surya Jyoti Life Insurance 22.03 percent and Asian Life Insurance 22.60 percent in the review period.
Likewise, Citizen Life Insurance has collected Rs 2.82 billion in insurance premiums, Citizen Life Insurance Rs 2.82 billion, IME Life Insurance Rs 2.86 billion, Reliable Nepal Life Insurance Rs 1.86 billion, Prabhu Life Insurance Rs 1.84 billion and Sun Nepal Life Insurance Rs 1.19 billion. Compared to the previous year, the business of all the companies increased in the review period.
What is the growth of the business?
