Kathmandu. Insurance companies have been increasing their manpower. This is evident from the data released by the Nepal Insurance Authority for the first 8 months of the current fiscal year up to Falgun.
Currently, 14 life insurance companies, 14 non-life insurance companies, 4 micro non-life insurance companies and 3 micro life insurance companies are in operation. These companies have employed approximately 550 additional employees in the first 8 months of the current fiscal year.
As of the review period, 12,095 employees are employed in insurance companies. In the same period last year, 11,555 employees were employed in the companies. Compared to the previous year, 540 employees have been added during the review period.
As of Falgun of the current fiscal year, 6,074 employees are working in life insurance and 6,021 employees in non-life insurance. As of Falgun last year, 5,822 employees were working in life insurance and 5,733 employees in non-life insurance. Compared to the previous year, the number of employees has increased by 4.33 percent in life insurance and 5.02 percent in non-life insurance.
According to the data of the authority, the number of branches of life and non-life insurance companies has increased until Falgun of the current fiscal year. The number of life insurance offices has increased by 0.22 percent to 1,845 during the review period. The number of life insurance offices was 1,841 by the same period last year.
Similarly, the number of non-life insurance offices has increased by 5.13 percent to 1,147 by Falgun of the current fiscal year. The number of offices was 1,091 by the same period last year.
As of the review period, insurance companies have 2,992 head, regional, branch and sub-branch offices across the country. There were 2,932 offices by the same period last year. Overall, the number of offices has increased by 2.05 percent compared to the previous year.
