Kathmandu. Life insurance companies have brought in more than Rs 2.5 billion from the foreign employment insurance business in the third quarter of the current fiscal year (July-April).
This has been seen in the data released by the Nepal Insurance Authority till March of the current fiscal year. In the last nine months, 11 life insurance companies and three small life insurance companies have issued 2,468,219 foreign employment insurance policies and earned a total insurance premium of Rs 2.58 billion.
Sun Nepal Life alone accounted for 38.09 percent of the total foreign employment insurance business. The company has earned a total insurance premium of Rs 985.5 million by issuing foreign employment insurance policies till Mid-April of the current fiscal year.
Asian Life is the second largest foreign employment insurance business. The company has earned a total insurance premium of Rs 674.7 million by selling this policy. Asian Life accounts for 26.08 percent of the total business of this insurance business.
Similarly, Nepal Life is the third largest foreign employment insurance company. Nepal Life has a 7 percent stake in this insurance business. The company has earned a total insurance premium of Rs 181.1 million till Mid-April.
IME Life has sold foreign employment policies worth Rs 176.9 million (6.84 per cent), National Life Insurance Rs 152.6 million (5.90 per cent), Sanima Reliance Life Rs 128.6 million (4.97 per cent), Reliable Nepal Life Rs 86.8 million (3.36 per cent), Suryajyoti Life Rs 79.5 million (3.07 per cent). Citizen Life insurance earned Rs 77.5 million (3 per cent), Prabhu Mahalakshmi Life Rs 30.1 million (1.16 per cent) and Himalayan Life Rs 5.736 million (0.22 per cent).
Liberty Micro Life earned Rs 4.08 million, Guardian Micro Life Rs 3.175 million and Crest Micro Life Rs 496,000 by selling foreign employment insurance under the micro-life insurance category. In the foreign employment insurance business, Liberty Micro Life has a share of 0.16 percent, Gardin Micro Life 0.12 percent and Crest Micro Life 0.02 percent.
