Kathmandu. In the first eight months of the current fiscal year, life insurance companies have collected more than 85.5 billion rupees by renewing insurance.
According to the data released by the Nepal Insurance Authority, 14 life insurers have collected 85.61 billion rupees in renewal insurance premiums until Falgun. Last year, the companies had collected 79.86 billion rupees in renewal insurance premiums. The companies’ renewal insurance premiums have increased by 7.20 percent during the review period compared to the previous year.
During the review period, 12 insurance companies’ renewal insurance premiums have increased while 2 have decreased. Nepal Life is the company that collects the highest renewal premiums, while Reliable Nepal Life is ahead in terms of growth rate.
Until Falgun of the current fiscal year, Nepal Life has collected Rs 23.92 billion 35 million in renewal premiums. The company had collected Rs 22.55 billion 57 million in renewal premiums during the same period last year. The company’s renewal premiums have increased by 8.47 percent compared to the previous year.
The second largest is Life Insurance Corporation (LIC Nepal). Until Falgun of the current year, LIC Nepal has collected Rs 10.84 billion 22 million in renewal premiums. The company had collected Rs 10.22 billion 46 million in renewal premiums during the same period last year. The company’s renewal insurance premium has increased by 6.04 percent during the review period compared to the previous year.
National Life is the third largest renewal insurance premium collector. The company collected Rs 8.7 billion 27 million in renewal insurance premiums until Falgun last year, but it has increased by 16.88 percent to Rs 10.17 billion 15 million in the review period.
Similarly, Himalayan Life has collected Rs 9.55 billion 5 million in renewal insurance premiums, Suryajyoti Life Rs 4.96 billion 9 million and Asian Life Rs 4.47 billion 62 million. Compared to the previous year, Himalayan Life increased by 2.42 percent, Suryajyoti Life increased by 13.58 percent and Asian Life increased by 8.78 percent.
Similarly, till Falgun, National Life Insurance Company has collected renewal insurance premiums of Rs 3.82 billion 96 million, Citizen Life Rs 3.16 billion 44 million, Sanima Reliance Life Rs 3.11 billion 77 million, MetLife Rs 3.37 billion, IME Life Rs 2.31 billion 15 million, Prabhu Mahalaxmi Life Rs 2.29 billion 7 million, Reliable Nepal Life Rs 2.17 billion 70 million and Sun Nepal Life Rs 1.76 billion 17 million. Compared to the previous year, the renewal insurance premiums of national life insurance companies decreased by 20.88 percent, while those of Citizen Life increased by 20.03 percent, Sanima Reliance Life by 10.76 percent, MetLife by 8.08 percent, IME Life by 18.69 percent, Prabhu Mahalaxmi Life by 4.79 percent, Reliable Nepal Life by 22.45 percent, and Sun Nepal Life by 10.40 percent.
