Kathmandu. Insurance companies have been increasing their manpower. This is evident from the data released by the Nepal Insurance Authority for the first 7 months of the current fiscal year up to Magh.
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 600 additional employees in the first 7 months of the current fiscal year.
As of the review period, 12,053 employees are employed in insurance companies. In the same period last year, 11,472 employees were employed in the companies. Compared to the previous year, 581 employees have been added during the review period.
As of Magh of the current fiscal year, 6,061 employees are working in life insurance and 5,992 in non-life insurance. As of Magh of the previous year, 5,799 employees were working in life insurance and 5,673 in non-life insurance. Compared to the previous year, the number of employees in life insurance has increased by 4.52 percent and in non-life insurance by 5.62 percent.
According to the data of the authority, the number of branches of life insurance companies has decreased till Magh of the current fiscal year, while that of non-life insurance companies has increased.
The number of life insurance offices has decreased by 0.1 percent to 1,839 till the review period. The number of life insurance offices was 1,841 till the same period last year.
Similarly, the number of non-life insurance offices has increased by 9.88 percent to 1,157 till Magh of the current fiscal year. The number of offices was 1,053 by the same period last year.
As of the review period, insurance companies have 2,996 head, regional, branch and sub-branch offices across the country. Last year, there were 2,894 offices by the same period. Overall, the number of offices has increased by 3.52 percent compared to the previous year.
