Kathmandu. Insurance companies have done business worth more than Rs 200 billion in the 10 months of the current fiscal year.
According to the data released by the Nepal Insurance Authority(NEA), insurance companies have earned a total insurance premium of Rs 176.21 billion in the 10 months of the current fiscal year. In the previous fiscal year, insurance companies had earned a total insurance premium of Rs 154.53 billion. Compared to the previous year, the business of insurance companies increased by 14.03 percent in the review period.
The share of life insurance in the total business is 79.65 percent and the share of non-life insurance is 20.35 percent. The previous share was 78.60 per cent for life insurance and 21.40 per cent for non-life insurance.
At present, 14 life, 14 non-life, three lung life and four micro non-life insurance companies are doing business in Nepal.
According to the NRA data, life insurance companies have earned a total insurance premium of Rs 140.35 billion till Mid-April of the current fiscal year. This is an increase of 15.55 percent compared to the previous year. In the same period last year, life insurance companies had earned a total insurance premium of Rs 121.46 billion.
In the current fiscal year, life companies have collected Rs 30.90 billion in first life insurance and Rs 109.44 billion in renewal life insurance. In the same period last year, the companies had collected Rs 24.33 billion in first life insurance and Rs 97.12 billion in renewal life insurance. The first insurance premium has increased by 26.98 percent and renewal insurance by 12.69 percent in the review period compared to the previous year.
As of the review period, the number of active insurance policies of life insurance companies stood at 15,306,993. In the same period last year, the number of active policies was 13,955,887. The number of insurance policies has increased by 9.68 percent.
Similarly, non-life insurance companies have earned a total insurance premium of Rs 35.86 billion till April of the current fiscal year. In the same period last year, the companies had earned a total insurance premium of Rs 33.06 billion. The business of non-life insurance companies increased by 8.46 percent in the review period compared to the previous year.
As of the review period, the number of life insurance policies (except term, short term, foreign employment life insurance) was 5,461,600. Which is 2.09 percent lower than the same period last year. In the same period last year, the number was 5,578,265.
As of Mid-April of the current fiscal year, the number of term and short term life insurance policies is 7,344,025 and the number of foreign employment policies is 2,501,368. In the same period last year, the number of term and short term life insurance policies was 6,307,366 and the number of foreign employment policies was 2,070,256. The number of term and short term life insurance has increased by 16.44 percent and the number of foreign employment insurance has increased by 20.82 percent compared to the previous year.
At the end of the review period, the population covered under insurance has increased to 47.39 percent. In the same period last year, 43.56 percent of the population was covered under insurance.
