Kathmandu. Current fiscal year 2082. In the first month of July 2018, life insurance companies have collected rs 16.38 billion more by renewing the insurance policy.
According to the data released by the Nepal Insurance Authority( INSURANCE), 14 life insurers earned Rs 16.38 billion in renewal insurance premium during the review period. Previous fiscal year 2081. Insurance companies had earned Rs 15.73 billion in renewal insurance premium in July 2018. Compared to the previous year, the renewal insurance fee collected by the insurers has increased by 4.10 percent in the review period.
As compared to the previous year, 12 companies’ renewal fees have increased and two companies have decreased in july this year. IME Life is ahead in terms of growth rate while Nepal Life collects the highest renewal insurance premium.
Nepal Life insurance has collected Rs 5.15 billion in renewal insurance premium in the current fiscal year. The company had collected Rs 5.05 billion in july last year. Compared to the previous year, the insurance collection in the company has increased by 2.04 percent.
National Life is the second highest renewal fee collector. The company collected Rs 1.83 billion in renewal insurance premium in july last year, which increased by 8.64 percent to Rs 1.99 billion in the review year.
During the review period, Life Insurance Corporation Nepal collected Rs 1.82 billion in renewal insurance premium. In the same period last year, the company had collected Rs 1.87 billion. Compared to the previous year, the renewal fee of the company decreased by 2.74 percent.
In july this year, Himalayan Life has collected Rs 1.79 billion in renewal insurance premium, Suryajyoti Life Insurance Rs 1.01 billion, Asian Life Insurance Rs 796.9 million, Sanima Reliance Life Insurance Rs 612.9 million and Citizens Life Insurance Rs 606.3 million. Compared to the previous year, Himalayan Life increased by 7.93 percent, Suryajyoti Life by 10.83 percent, Asian Life by 3.92 percent, Sanima Reliance Life by 5.19 percent and Citizen Life by 8.05 percent.
During the review period, IME Life collected Rs 517.7 million, Prabhu Mahalaxmi Life Rs 512.9 million, Reliable Nepal Life Rs 437 million and MetLife Rs 416 million. IME Life grew 12.88 percent, Prabhu Mahalaxmi Life 0.63 percent, Reliable Nepal Life 8.95 percent and MetLife 4.39 percent in the review period compared to the previous year.
National Life Insurance Company collected Rs 392.3 million and Sun Nepal Life Rs 310.3 million in renewal insurance premium in the current fiscal year. National Life Insurance Company has decreased by 9.29 percent in the review period compared to the previous year, while the renewal insurance fee of Sun Nepal Life has increased by 8.42 percent.
