Kathmandu. Non-life insurers have been able to do business worth more than Rs 35.09 billion in the 10 months of the current fiscal year till April 2018.
According to the data released by the Nepal Insurance Authority (NEA) till Mid-April, 14 non-life insurers have issued 2,358,511 insurance policies and earned a total insurance premium of Rs 35.09 billion. In the same period last year, the companies had issued 2,393,1827 policies and earned a total insurance premium of Rs 32.87 billion. Compared to the previous year, the business of companies increased by 6.76 percent in the review period.
Till April, the business of 10 insurers has increased while the business of four insurers has decreased. During this period, Shikhar Insurance has brought the most business, while Oriental Insurance is ahead in terms of business growth.
In the current fiscal year, Shikhar Insurance has earned a total insurance premium of Rs 4.68 billion. In the same period last year, the company had earned a total insurance premium of Rs 4.54 billion. Compared to the previous year, the company’s business increased by 3.10 percent in the review period.
Sagarmatha Lumbini Insurance is the second largest importer of business. The company has earned a total insurance premium of Rs 4.04 billion till Mid-April of the current fiscal year. In the previous fiscal year, the company had earned a total insurance premium of Rs 3.88 billion. Compared to the previous year, the company’s business increased by 4.02 percent in the review period.
Siddhartha Premier has become the third most traded company. During the review period, the company has earned a total insurance premium of Rs 3.47 billion. In the same period last year, the company had earned a total insurance premium of Rs 3.18 billion. Compared to the previous year, the company’s business increased by 9.18 percent in the review period.
Similarly, Himalayan Everest Insurance earned Rs 3.08 billion, IGI Prudential Insurance Rs 3.02 billion, Neco Insurance Rs 2.70 billion, NLG Insurance Rs 2.42 billion and Oriental Insurance Rs 2.25 billion till April this year. Compared to the same period last year, Himalayan Everest grew by 5.17 percent, IGI Prudential by 4.67 percent, NECO by 2.08 percent, NLG by 18.89 percent, Oriental by 37.11 percent and Sanima GIC by 7.69 percent.
United Ajod has earned Rs 2.09 billion and Nepal Insurance has earned Rs 1.68 billion in insurance premiums till April of the current fiscal year. In comparison to the same period last year, United Ajod’s business decreased by 3.84 percent while Nepal Insurance’s business increased by 34.14 percent.
During the review period, Prabhu Insurance earned Rs 1.43 billion, National Insurance Company Rs 1.16 billion and National Insurance Rs 929.9 million. During the review period, Prabhu Insurance’s business decreased by 0.65.31 percent, National Insurance Company by 13.16 percent and National Insurance by 1.48 percent.
