Kathmandu. Renewal insurance premium of life insurance companies has increased by about 13 percent.
According to the data released by the Nepal Insurance Authority (NEA) today, 14 life insurance companies earned Rs 137.73 billion in renewal insurance premium in the last fiscal year. In the previous fiscal year, the companies had earned Rs 121.98 billion in renewal insurance premium. Compared to last year, the renewal fee of the companies has increased by 12.91 percent in the review period.
Nepal Life has earned the highest renewal insurance premium in the last fiscal year, while Reliable Nepal Life is at the top in terms of growth.
In the review year, Nepal Life earned Rs 37.29 billion in renewal insurance premium. The previous fiscal year 2080. In 2017, Nepal Life earned Rs 32.82 billion in renewal insurance premium. Compared to the previous year, there has been an increase of 12.91 percent in the review year.
Life Insurance Corporation has earned the second highest renewal insurance premium in the last fiscal year. The company has earned Rs 16.88 billion in renewal insurance premium in the review year. In the previous fiscal year, the company had earned Rs 15.50 billion in renewal insurance premium. Compared to the previous year, the company’s renewal insurance premium increased by 8.93 percent in the review year.
The third is National Life. The company earned Rs 16.37 billion in renewal insurance premium in the review year.
In the previous fiscal year, the company had earned Rs 14.14 billion in renewal insurance premium. Compared to the previous year, the renewal fee of the company has increased by 15.78 percent in the review year.
In the last fiscal year, Himalayan Life collected Rs 14.84 billion in renewal insurance premium. In the previous fiscal year, the company had raised Rs 14.03 billion. Compared to the previous year, the renewal fee of the company has increased by 5.78 percent.
Similarly, National Life Insurance Company earned Rs 8.74 billion, Suryajyoti Life Rs 8.11 billion, Asian Life Rs 7.05 billion, Citizen Life Rs 5.15 billion, Sanima Reliance Life Rs 4.88 billion and Met Life Rs 4.80 billion in the review year. The renewal fees of all these companies have increased in the review year compared to the previous year.
In the last fiscal year, IME Life earned Rs 3.72 billion, Prabhu Mahalaxmi Life Rs 3.62 billion, Reliable Nepal Life Rs 3.53 billion and Sun Nepal Life Rs 2.80 billion. Compared to the previous year, all these companies’ renewal insurance revenue has increased.
