Kathmandu. The contribution of all provinces except Bagmati has shrunk as the total insurance premium of life insurance companies has increased by 22 percent in the first quarter.
The share of Bagmati in total insurance premium collection increased by 2.96 percent to 46.07 percent in the first quarter of the last fiscal year. The contribution of the remaining six provinces has been reduced from 0.08 percent to 0.82 percent while the Bagmati Province has increased its share by 3 percent. Bagmati has the highest contribution while Karnali has the lowest contribution of 2.94 per cent.
Although the share of provincial contribution of provinces except Bagmati has shrunk, the total insurance premium collection of all seven provinces has increased by double digits. Fiscal Year 2081. The average growth rate of total insurance premiums was 17.89 percent compared to the first quarter of 2018-19. Of this, Bagmati Province has recorded a remarkable growth of 30.32 percent. In the first quarter of the last fiscal year, the total insurance premium collection of Bagmati Province had shrunk by 7.88 percent. Karnali was second only to Bagmati in terms of growth rate of 18.56 percent.
A significant increase of 28 percent in the income of first insurance premium from the sale of insurance policies has positively impacted the total premium collection in Bagmati Province.
Current fiscal year 2082. Life and Micro Life Insurance has collected a total premium of Rs 50.36 billion including Rs 10.66 billion as of mid-October 2018.
