Kathmandu. Life insurance companies have brought in more than Rs 3.5 billion in insurance premiums from the foreign employment insurance business in the last fiscal year.
This has been seen in the data released by the Nepal Insurance Authority in the last fiscal year. In the review year, 11 life insurance companies and three small life insurance companies issued 2,586,313 foreign employment insurance policies and earned a total insurance premium of Rs 3.57 billion.
Asian Life and Sun Nepal Life account for more than 29 per cent of the total foreign employment insurance business. Asian Life Insurance has earned Rs 1.05 billion and Sun Nepal Life Insurance Rs 1.03 billion by issuing foreign employment insurance policies. The market share of these two companies is 29.53 percent and 29.09 percent respectively.
Similarly, IME Life and Nepal Life have a market share of about 7 percent in many foreign employment insurance companies. In the review year, IME Life earned Rs 249.8 million and Nepal Life Insurance Rs 247.8 million.
National Life Insurance earned Rs 196.1 million (5.49 per cent), Sanima Reliance Life Rs 173.8 million (4.86 per cent), Citizen Life Rs 172.1 million (4.82 per cent), Prabhu Mahalaxmi Life Rs 146.9 million (3.27 per cent), Suryajyoti Life Rs 117 million (3.27 per cent) and Reliable Nepal Life Insurance Rs 117 million (3.27 per cent).
Similarly, Liberty Micro Life earned Rs 26.7 million (0.75 per cent), Crest Micro Life Rs 19.9 million (0.56 per cent), Himalayan Life Rs 10.5 million (0.29 per cent) and Guardian Micro Life Rs 4.14 million (0.12 per cent).
