Kathmandu. The new business of life insurers (including foreign employment insurance) has increased by about 27.5 percent. Nepal Insurance Authority (NEA) has released the fiscal year 2081 BS. The figures of 82 show this.
In the last fiscal year, 14 life insurance companies have collected Rs 43.69 billion in first insurance premium. Last year 2080. The companies had collected Rs 34.34 billion in first insurance premium. Compared to the previous year, the new business of insurers increased by 27.22 percent in the review year.
Nepal Life is the largest importer of new business in the review year, while Asian Life is ahead in terms of growth rate.
In the last fiscal year, Nepal Life has collected Rs 10.74 billion in first insurance premium. Last year, the company had collected Rs 8.23 billion in first insurance premium. Compared to the previous year, the company’s new business increased by 33.90 percent in the review year.
The second is National Life. In the review year, the company collected Rs 6.04 billion in first insurance premium. Compared to the previous year, the company’s new business increased by 19.55 percent in the review year. Last year, the company had collected Rs 5.05 billion in first insurance premium.
Asian Life is the third company to introduce many new businesses. The company collected Rs 1.92 billion in first insurance premium in the previous year, which increased by 65.75 percent to Rs 3.19 billion in the review year.
Similarly, SuryaJyoti Life Insurance Corporation (LIC Nepal), Himalayan Life Insurance, Citizen Life and Sun Nepal Life insurance collected Rs 3.18 billion, Rs 2.81 billion, Rs 2.35 billion and Rs 2.20 billion respectively in the review year. SuryaJyoti Life has increased by 25.74 percent, LIC Nepal 16.64 percent, Himalayan Life 9.40 percent, Citizen Life 20.14 percent and Sun Nepal Life 40.88 percent compared to the previous year.
In the last fiscal year, Sanima Reliance Life collected Rs 2.12 billion, IME Life Insurance Rs 1.93 billion, Reliable Nepal Life Insurance Rs 1.75 billion, Prabhu Mahalaxmi Life Insurance Rs 1.74 billion, Met Life Insurance Rs 1.45 billion and National Life Insurance Company Rs 1.11 billion. Sanima Reliance Life has increased by 13.06 percent, IME Life by 20.54 percent, Reliable Nepal Life by 18.83 percent, Prabhu Mahalaxmi Life by 60.49 percent, Met Life by 11.30 percent and National Life Insurance Company by 46.70 percent.
