Kathmandu. In the current fiscal year, non-life insurers have been able to do business worth more than Rs 39 billion till May 11.
According to the data released by the Nepal Insurance Authority (NEA) till May 2018, 14 non-life insurers have issued 2,587,315 insurance policies and earned a total insurance premium of Rs 39.03 billion. In the same period last year, the companies had issued 2,608,792 policies and earned a total insurance premium of Rs 36.32 billion. Compared to the previous year, the business of companies increased by 7.44 percent in the review period.
As of May, the business of 12 insurers has increased while the business of two insurers has decreased. During this period, Shikhar Insurance has brought the most business, while Oriental Insurance is ahead in terms of business growth.
In the current fiscal year, Shikhar Insurance has earned a total insurance premium of Rs 5.09 billion. In the same period last year, the company had earned a total insurance premium of Rs 4.89 billion. Compared to the previous year, the company’s business increased by 3.97 percent in the review period.
Sagarmatha Lumbini Insurance is the second largest importer of business. The company has earned a total insurance premium of Rs 4.50 billion till May of the current fiscal year. In the previous fiscal year, the company had earned a total insurance premium of Rs 4.29 billion. Compared to the previous year, the company’s business increased by 4.89 percent in the review period.
Siddhartha Premier has become the third most traded company. During the review period, the company has earned a total insurance premium of Rs 3.90 billion. In the same period last year, the company had earned a total insurance premium of Rs 3.66 billion. Compared to the previous year, the company’s business increased by 6.55 percent in the review period.
Similarly, Himalayan Everest Insurance has earned Rs 3.51 billion, IGI Prudential Insurance Rs 3.39 billion, Neco Insurance Rs 2.95 billion, NLG Insurance Rs 2.74 billion and Oriental Insurance Rs 2.42 billion. Himalayan Everest grew by 8.62 per cent, IGI Prudential by 6.61 per cent, NECO by 2.59 per cent, NLG by 21.34 per cent and Oriental by 38.18 per cent in the same period last year.
In the current fiscal year, United Ajod has earned Rs 2.41 billion, Sanima GIC Rs 2.36 billion, Nepal Insurance Rs 1.84 billion and Prabhu Insurance Rs 1.57 billion. In comparison to the same period last year, United Ajod’s business increased by 1.32 percent, Sanima GIC by 6.47 percent, Nepal Insurance by 31.52 percent and Prabhu Insurance by 0.94 percent.
On the other hand, National Insurance Company earned Rs 1.31 billion and National Insurance Earned Rs 977.6 million in the review period. Compared to the previous year, national insurance company decreased by 14.14 percent and national insurance company by 4.11 percent in the review period.
