Kathmandu. Insurance business has increased till Magh of the current fiscal year. The number of insurance policies of the companies has increased along with the collection of insurance premiums.
The economic bulletin issued by the Ministry of Finance till Magh has shown this. According to the economic bulletin, the population covered by insurance has decreased.
The total number of insurance policies issued till Magh of the current fiscal year has increased by 3.09 percent compared to the same period of the last fiscal year and has reached 15.975 thousand 775. During this period, there has been a significant increase in the number of foreign insurance policies, non-life insurance policies and term and short-term insurance policies, but the number of other life insurance policies has decreased. The total number of insurance policies in the same period of the previous fiscal year was 15.497 million.
The insurance premium amount collected till Magh of the current fiscal year has increased by 10.30 percent compared to the same period of the previous fiscal year and has reached Rs. 120 billion 788.9 million. In the same period of the previous fiscal year, the amount was Rs. 199 billion 514 million.
The population covered by the insurance, including temporary, short-term and foreign employment insurance policies issued till Magh of the current fiscal year, is 43.94 percent. In the same period of the last fiscal year, the population was 43.16 percent.
Of the total insurance policies during this period, the share of life insurance and non-life insurance is 88.6 percent and 11.4 percent respectively. Until Magh last year, such shares were 89.0 percent and 11.0 percent respectively. In the total insurance premium amount during this period, the share of life insurance and non-life insurance is 79.5 percent and 20.5 percent respectively.
