Kathmandu. The new business of life insurers (excluding foreign employment insurance) has increased by 28.5 percent. Nepal Insurance Authority (NEA) has released the fiscal year 2081 BS. The figures of 82 show this.
In the last fiscal year, 14 life insurance companies have collected Rs 40.17 billion in first insurance premium. Last year 2080. The companies had collected Rs 31.22 billion in first insurance premium. Compared to the previous year, the new business of insurers increased by 28.68 percent in the review year.
Nepal Life has brought the most new business in the review year while Sun Nepal Life is ahead in terms of growth rate.
In the last fiscal year, Nepal Life collected Rs 10.49 billion in first insurance premium. Last year, the company had collected Rs 7.40 billion in first insurance premium. Compared to the previous year, the company’s new business increased by 41.78 percent in the review year.
The second is National Life. In the review year, the company collected Rs 5.84 billion in first insurance premium. Compared to the previous year, the company’s new business increased by 22.20 percent in the review year. In the previous fiscal year, the company had collected Rs 4.78 billion in first insurance premium.
Suryajyoti Life is the third company to introduce many new businesses. The company collected Rs 2.28 billion in first insurance premium in the previous year, which increased by 34.38 percent to Rs 3.06 billion in the review year.
Similarly, Life Insurance Corporation (LIC Nepal) collected Rs 3.03 billion, Himalayan Life Rs 2.80 billion, Citizen Life Rs 2.18 billion, Asian Life Rs 2.14 billion and Sanima Reliance Life Rs 1.94 billion in the review year. Compared to the previous year, LIC Nepal’s new business increased by 26.64 percent, Himalayan Life’s 8.99 percent, Citizen Life’s 17.38 percent, Asian Life’s 31.75 percent and Sanima Reliance Life’s 3.80 percent.
In the last fiscal year, IME Life insurance collected Rs 1.68 billion, Reliable Nepal Life Rs 1.63 billion, Prabhu Mahalaxmi Life Rs 1.59 billion, Met Life Rs 1.45 billion, Sun Nepal Life Rs 1.16 billion and National Life Insurance Company Rs 1.11 billion. Ime Life’s new business has increased by 34.67 percent, Reliable Nepal Life by 26.33 percent, Prabhu Mahalaxmi Life by 47.23 percent, Met Life by 11.30 percent, Sun Nepal Life by 61.40 percent and National Life Insurance Company by 46.70 percent.
