Kathmandu. The new business of life insurers (excluding foreign employment insurance) has increased by about 26.5 percent. According to the data released by the Nepal Insurance Authority (INSURANCEA) for the last 11 months of the current fiscal year.
The 14 life insurance companies in operation have collected Rs 31.34 billion in first insurance premium till May of the current fiscal year. In the same period last year, the companies had collected Rs 24.79 billion in first insurance premium. Compared to the previous year, the new business of insurers increased by 26.45 percent in the review period.
Nepal Life is the largest importer of new business while National Life Insurance Company is ahead in terms of growth rate.
Nepal Life insurance has collected Rs 7.91 billion in first insurance premium till May of the current fiscal year. In the same period last year, the company had collected Rs 5.67 billion in first insurance premium. Compared to the previous year, the company’s new business increased by 39.44 percent in the review period.
The second is National Life. The company has collected Rs 4.70 billion in first insurance premium till May of the current fiscal year. Compared to the previous year, the company’s new business increased by 20.38 percent. The company had collected Rs 3.90 billion in first insurance premium till May last year.
Life Insurance (LIC Nepal) is the third company to introduce many new businesses. The company had collected Rs 2.06 billion in first insurance premium till June last year, which increased by 16.46 percent to Rs 2.41 billion in the review period.
Similarly, SuryaJyoti Life Insurance has collected Rs 2.35 billion, Himalayan Life Insurance Rs 2.16 billion, Citizen Life Insurance Rs 1.23 billion, Asian Life Insurance Rs 1.58 billion and Sanima Reliance Life Insurance Rs 1.49 billion. Suryajyoti Life has increased by 24.73 percent, Himalayan Life by 6.13 percent, Citizen Life by 14.70 percent, Asian Life by 27.38 percent and Sanima Reliance Life by 12.16 percent.
In the first 11 months of the current fiscal year, Reliable Nepal Life Insurance has collected Rs 1.33 billion, IME Life Insurance Rs 1.26 billion, Met Life Insurance Rs 1.25 billion, Prabhu Mahalaxmi Life Insurance Rs 1.24 billion, National Life Insurance Company Rs 959.6 million and Sun Nepal Life Insurance Rs 921.7 million. As compared to June 2018, New Business Reliable Nepal Life increased by 23.17 percent, IME Life by 29.31 percent, Met Life by 8.85 percent, Prabhu Mahalaxmi Life by 51.02 percent, National Life Insurance Company by 90.95 percent and Sun Nepal Life by 60.25 percent.
