Kathmandu. According to the report published by Nepal Insurance Authority, the per capita insurance density has increased by 13.74 percent in the last fiscal year 2081/82.
Kathmandu. According to the report published by the Nepal Insurance Authority, in the last fiscal year 2081. The per capita insurance density increased by 13.74 percent in 1982.
FY 2080. In the last fiscal year, the insurance density was Rs 6,444.94 per person, compared to Rs 6,444.94 in the last fiscal year. It has increased by 82 to Rs 7,330.29 per person. Per capita insurance density is calculated on the basis of the ratio between the total premiums collected and the total population.
Insurance Penetration=Total Premiums Collected ÷ Gross Domestic Production
(Insurance density=total insurance premium÷ GDP)
When divided on the basis of density of life and non-life insurance, the per capita density of life insurance is almost four times higher than that of non-life insurance. According to the annual report, the per capita insurance density was Rs 5,881.16 while the per capita non-life insurance density stood at Rs 1,449.13.
In the life insurance category, the insurance density has increased by 15.29 percent to the last fiscal year from Rs 5,147.24 per capita in the previous fiscal year. The non-life insurance segment has seen an increase of 12.45 per cent in the last fiscal year from Rs 1,300.33 in the previous fiscal year.
Based on the number of life insurance policies sold, the coverage of life insurance has reached 48.33 percent of the total population in the last fiscal year. It was 43.27 percent in the previous fiscal year. In the last fiscal year, 39.99 percent of the population has come under the ambit of life insurance. It was 36.53 percent in the previous fiscal year.
