Kathmandu. The new business of life insurers (excluding foreign employment insurance premium) has increased by 26.5 percent. Nepal Insurance Authority (NIA) has released the current fiscal year 2082. This is what the data for the first quarter of 83 (July-September) has shown. A total of 14 life insurance companies have collected Rs 9.54 billion in first insurance premiums till mid-October of the current fiscal year. Last year, 2081. The company had collected Rs 7.53 billion in insurance premiums till mid-September 2018. Insurers’ new business increased by 26.55 percent in the review period compared to the previous year.
During the review period, Nepal Life Insurance has brought the highest number of new businesses while IME Life is ahead in terms of growth rate. New business increased by 12 companies and decreased by 2 companies.
Nepal Life Insurance has collected Rs 2.70 billion in insurance premiums till mid-September of the current fiscal year. The company had collected Rs 1.90 billion in first insurance premiums in the same period last year. The company’s new business increased by 42.49 percent in the review period compared to the previous year.
The second is National Life. During the review period, the company has earned a premium of Rs 1.31 billion. The company’s new business increased by 28.72 percent in the review period compared to the same period last year. The company had collected Rs 1.10 billion in insurance premiums till mid-October last year.
Life Insurance Corporation Nepal (LIC Nepal) is the third company to bring in more new business. The company has collected Rs 51.66 crore in first insurance premiums till mid-October of the previous year, which increased by 31.52 percent to Rs 67.94 crore in the review period.
Similarly, Surya Jyoti Life earned Rs 61.32 crore, Citizen Life earned Rs 59.82 crore and Himalayan Life earned Rs 54.66 million in the review period. In comparison to the previous year, Surya Jyoti Life’s new business increased by 5.03 percent and Citizen Life by 34.39 percent.
Also, Nepal Life Insurance has collected Rs 19.19 billion in insurance premiums, Reliable Life Insurance Rs 41.49 billion, Reliable Nepal Life Insurance Rs 41.49 billion, Reliable Life Insurance Rs 41.49 billion, Prabhu Life Insurance Rs 41.46 billion, Sun Nepal Life Insurance Rs 19.74 billion, Prabhu Life Insurance Rs 1.4 billion, and Sun Nepal Life Insurance has collected Rs 19.46 million in insurance premiums in the current fiscal year. In the review period, the new business of Asian Life Insurance increased by 29.98 percent, Rastriya Life Insurance by 27.18 percent, Sanima Life Insurance by 27.85 percent, IME Life by 70.65 percent, Reliable Nepal Life Insurance by 38.26 percent, Mate Life by 17.12 percent and Prabhu Mahalaxmi Life by 22.51 percent.
