Kathmandu. Life insurance companies have raised more than Rs 99.5 billion by renewing their insurance policies in the third quarter of the current fiscal year (July-April).
According to the data released by the Nepal Insurance Authority(NEA), 14 life insurers have collected Rs 99.55 billion in renewal insurance fees till Mid-April. In the same period last year, the companies had collected Rs 88.61 billion in renewal insurance premium. Compared to the previous year, the renewal fee of the companies increased by 12.33 percent in the review period.
As compared to the previous year, the renewal fee of all 14 life insurers has increased during the review period. Nepal Life insurance company is the highest in charge of renewal insurance, while National Life Insurance Company is ahead in terms of growth rate.
Nepal Life insurance has collected Rs 26.76 billion in renewal insurance premium till Mid-April of the current fiscal year. In the same period last year, the company had collected Rs 24.64 billion in renewal insurance premium. Compared to the previous year, the renewal fee of the company has increased by 8.61 percent.
Life Insurance Corporation (LIC Nepal) is in second place. LIC Nepal has collected Rs 12.14 billion in renewal insurance fees till Mid-April this year. In the same period last year, the company had collected Rs 11.32 billion in renewal insurance premium. The renewal fee of the company has increased by 7.26 percent in the review period compared to the previous year.
National Life is the third highest renewal fee collector. The company collected Rs 9.66 billion in renewal insurance premium till March last year, which increased by 22.05 percent to Rs 11.80 billion during the review period.
Similarly, Himalayan Life Insurance has collected Rs 10.72 billion, National Life Insurance Company Rs 7.18 billion, SuryaJyoti Life Insurance Rs 5.64 billion and Asian Life Insurance Rs 5.05 billion. Compared to the previous year, Himalayan Life increased by 0.34 percent, National Life Insurance Company by 42.50 percent, Suryajyoti Life by 13.64 percent and Asian Life by 10.36 percent.
Citizen Life Insurance has collected Rs 3.57 billion, Sanima Reliance Life Rs 3.47 billion, MetLife Rs 3.45 billion, IME Life Rs 2.62 billion, Prabhu Mahalaxmi Life Rs 2.59 billion, Reliable Nepal Life Rs 2.50 billion and Sun Nepal Life Rs 2.8 billion. Citizen Life insurance has increased by 20.99 percent, Sanima Reliance Life by 12.78 percent, MetLife by 8.29 percent, IME Life by 15.95 percent, Prabhu Mahalaxmi Life by 6.83 percent, Reliable Nepal Life by 24.83 percent and Sun Nepal Life by 12.39 percent.
