Kathmandu. Non-life insurers in the current fiscal year 2082. The company has been able to do business of more than Rs 12.65 billion in the first quarter of 2018.
As per the information released by the Nepal Insurance Authority (NEA), 14 non-life insurance companies have earned Rs 12.65 billion in insurance premium by issuing 6,88,982 policies till mid-October of the current fiscal year. Last year, 2081. As of mid-October 2018, the companies had issued 6,68,140 policies and earned Rs 11.38 billion in total insurance premiums. The company’s turnover increased by 11.14 percent in the review period compared to the previous year.
Compared to the previous year, the business of 12 insurers has increased while the business of two insurers has decreased. Sagarmatha Lumbini Insurance has brought the most business while NLG Insurance is ahead in terms of business growth.
Sagarmatha Lumbini Insurance has earned a net profit of Rs 1.49 billion in the current fiscal year. The company had earned Rs 1.43 billion in total insurance premiums in the previous fiscal year. The company’s turnover increased by 4.32 percent in the review year compared to the previous year.
Shikhar Insurance has become the second largest business-buyer company. The company has earned a net profit of Rs 1.38 billion in the review period. During the same period last year, the company earned Rs 1.12 billion in total insurance premiums. The company’s turnover increased by 23.62 percent in the review period compared to the previous year.
Similarly, Siddhartha Premier Insurance is the third biggest gainer in the company. The company has earned Rs 1.22 billion in total insurance premiums till mid-September of the current fiscal year. The company had earned Rs 1.17 billion in total insurance premiums in the previous fiscal year. The company’s business declined by 4.47 percent in the review period compared to the previous year.
Similarly, Himalayan Everest Insurance earned Rs 1.19 billion, NLG Insurance Rs 1.02 billion, IGI Prudential Insurance Rs 990.6 million, Neco Insurance Rs 92.83 crore, United Ajod Insurance Rs 88.29 crore and Oriental Insurance Rs 88.85 million. Himalayan Everest Insurance Ltd (30.24 per cent), NLG Insurance (36.35 per cent), IGI Prudential Insurance (9.96 per cent), Neco Insurance (3.43 per cent), United Ajod (29.82 per cent) and Oriental Insurance (5.87 per cent) declined in the review period.
In the current fiscal year, Nepal Insurance has collected Rs 70.62 crore, Sanima GIC Insurance Rs 68.18 crore, Prabhu Insurance Rs 50.56 crore, National Insurance Rs 42.84 crore and National Insurance Rs 41.41 million. In the review period, Nepal Insurance Company Ltd (14.92 percent), Sanima GIC Insurance (15.77 percent), Prabhu Insurance (5.95 percent) and National Insurance Company (2.60 percent) increased by 27.84 percent.
