Kathmandu. Insurance companies have done business worth Rs 138 billion till Falgun 8 of the current fiscal year.
According to the data released by the Nepal Insurance Authority, insurance companies have earned a total insurance premium of Rs 138 billion 44.4 million till Falgun of the current fiscal year. Till Falgun of the previous fiscal year, insurance companies had earned a total insurance premium of Rs 124 billion 85.9 million. The business of insurance companies has increased by 10.56 percent during the review period compared to the previous year.
Currently, 14 life, 14 non-life, 3 small life and 4 small non-life insurance companies are doing business in Nepal.
According to the data, life insurance companies have earned a total insurance premium of Rs 109.4359 billion till Falgun of the current fiscal year. This is 11 percent more than the previous year. Life insurance companies had earned a total insurance premium of Rs 98.596 billion by the same period last year.
In the current fiscal year, up to Falgun, life insurance companies have collected Rs 23.808 billion in first life insurance premiums and Rs 85.6279 billion in renewal life insurance premiums. In the previous year, up to the same period, companies had collected Rs 18.725 billion in first life insurance premiums and Rs 79.8655 billion in renewal life insurance premiums. During the review period, first insurance premiums increased by 27.14 percent and renewal insurance premiums by 7.22 percent compared to the previous year.
The number of active insurance policies of life insurance companies as of the review period is 14.238 thousand 648. The number of active insurance policies was 13.87 million 249 by the same period last year. The number of insurance policies has increased by 3.12 percent.
Similarly, non-life insurance companies have earned a total insurance premium of Rs 28.6 billion 84 million by Falgun of the current fiscal year. Last year, the companies had earned a total insurance premium of Rs 26.28 billion 84 million by the same period. Compared to the previous year, the business of non-life insurance companies has increased by 8.91 percent during the review period.
The number of life insurance policies (excluding term, short-term, foreign employment life insurance policies) by the review period is 5.388 million 794. Which is 1.91 percent less than the same period last year. This number was 54 lakh 93 thousand 786 by the same period last year.
As of Falgun of the current fiscal year, the number of term and short-term life insurance policies is 64 lakh 13 thousand 633 and the number of foreign employment insurance policies is 24 lakh 36 thousand 221. In the previous year, the number of term and short-term life insurance policies was 63 lakh 4 thousand 112 and the number of foreign employment insurance policies was 20 lakh 9 thousand 351. Compared to the previous year, the number of term and short-term life insurance policies has decreased by 1.74 percent, while the number of foreign employment insurance policies has increased by 21.24 percent.
Although the size of the insurance business has increased, the expansion has been slow. The population covered by insurance has increased slightly to 44.17 percent by the review period. The population covered by insurance by the same period last year was 43.16 percent.
