Kathmandu. The ratio of insurance premiums to gross domestic product (current prices) in the insurance sector has increased by 3.5 percent over the past decade.
According to the Nepal Insurance Authority, the ratio of total insurance premiums to gross domestic product has increased to 3.47 percent in the fiscal year 2080.81.
A decade ago, in the fiscal year 2070.71, the ratio of total insurance premiums to gross domestic product was only 1.38 percent. As the insurance business has increased, this ratio has also gradually increased. In the fiscal year 2079.80, this growth rate was 3.42 percent.
According to the annual report published by the Insurance Authority, a total of Rs 182.91 billion in insurance premiums were collected in the fiscal year 2079.80, while in the fiscal year 2080.81, the collection increased by 8.23 percent to Rs 197.97 billion. Like other sectors, the growth rate of the insurance sector has also seen a contraction in the last 2 years due to the economic slowdown.
