Kathmandu. Life insurance companies have earned more than 2.25 billion rupees from the foreign employment insurance business in the first eight months of the current fiscal year.
This is according to the data released by the Nepal Insurance Authority for the first eight months of the current fiscal year. In these eight months, 11 life insurance and 3 micro-life insurance companies have issued 2,436,221 foreign employment insurance policies, earning a total insurance premium of 2.281 billion 13 million rupees.
Sun Nepal Life alone has a share of 39.01 percent in the total foreign employment insurance business. By issuing foreign employment insurance policies, this company has earned a total insurance premium of Rs 889.8 million till Falgun of the current fiscal year.
The second largest foreign employment insurance company is Asian Life. By selling this insurance policy, the company has earned a total insurance premium of Rs 568.9 million. Asian Life’s share in the total business of this insurance business is 24.94 percent.
Similarly, Nepal Life is the third largest foreign employment insurance company. Nepal Life’s share in this insurance business is 7.54 percent. The company has earned a total insurance premium of Rs 172 million in 8 months.
By Falgun of the current fiscal year, IME Life has earned a total insurance premium of Rs 155.2 million (6.80 percent), National Life has earned a total insurance premium of Rs 142.8 million (6.26 percent), Sanima Reliance Life has earned a total insurance premium of Rs 115 million (5.04 percent), Reliable Nepal Life has earned a total insurance premium of Rs 79 million (3.46 percent), Suryajyoti Life has earned a total insurance premium of Rs 75.7 million (3.32 percent), Citizen Life has earned a total insurance premium of Rs 67.8 million (2.97 percent), Prabhu Mahalaxmi Life has earned a total insurance premium of Rs 441.19 thousand (0.19 percent) and Himalayan Life has earned a total insurance premium of Rs 411.1 thousand (0.18 percent).
In the small life insurance sector, Liberty Micro Life has earned a total insurance premium of Rs. 2.894 million, Guardian Micro Life Rs. 2.884 million, and Crest Micro Life Rs. 4.51 million by selling foreign employment insurance policies. In the foreign employment insurance business, Liberty and Guardian Micro Life have a share of 0.13 percent and Crest Micro Life has a share of 0.02 percent.
