Kathmandu. Life insurance companies in the current fiscal year 2082. The number of insurance premiums and the amount of surrender claims decreased both in the first quarter of 2018-19.
There has been a significant decline of 18.03 percent in the number of insurance premiums. In the first quarter of the current fiscal year (till mid-October), 22,999 insurance policies have been surrendered. In the same period of the last FY, the insured had surrendered a total of 28,057 policies.
As the number of surrenders decreases, the amount paid for surrenders has also decreased. In the last fiscal year, the life insurance company had paid a total of Rs 3.82 billion as surrender claims. In the first three months of the current fiscal year, the insured has received a total of Rs 3.48 billion.
According to the Nepal Insurance Authority, there has been a slight increase in the number of life insurance policies that have exceeded 6 months from the date of payment of renewal premium. The number of insurance policies has increased by 1.86 percent.
Similarly, the amount of insurance policies has increased by 4.89 percent compared to the first three months of the last FY.
According to the Insurance Reflection published by the Authority, 1,220,548 insurance policies were issued in the last three months. The amount of insurance policy spent is Rs 36.78 billion. In the first quarter of the last FY, the sum insured was Rs 35.07 billion.
