Kathmandu. Insurance companies have done business worth more than Rs 150 billion in the third quarter of the current fiscal year (July-April).
According to the data released by the Nepal Insurance Authority(NEA), insurance companies have earned a total insurance premium of Rs 159.85 billion in the nine months of the current fiscal year. Insurance companies had earned a total insurance premium of Rs 140.31 billion in the last fiscal year. Compared to the previous year, the business of insurance companies increased by 13.93 percent in the review period.
The share of life insurance in the total business is 79.47 percent and the share of non-life insurance is 20.53 percent. The previous share was 78.51 percent for life insurance and 21.54 percent 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 data, life insurance companies have earned a total insurance premium of Rs 127.03 billion till Mid-April of the current fiscal year. This is an increase of 15.32 percent over the previous year. In the same period last year, life insurance companies had earned a total insurance premium of Rs 110.16 billion.
In the current fiscal year, life companies have collected Rs 27.47 billion in first life insurance and Rs 99.56 billion in renewal life insurance. In the same period last year, the companies had collected Rs 21.54 billion in first life insurance and Rs 88.61 billion in renewal life insurance. The first insurance premium has increased by 27.54 percent and renewal insurance by 12.35 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 14,399,5738. In the same period last year, the number of active policies was 13,866,615. The number of insurance policies has increased by 3.84 percent.
Similarly, the non-life insurance companies have earned a total insurance premium of Rs 32.81 billion till Mid-April of the current fiscal year. In the same period last year, the companies had earned a total insurance premium of Rs 30.15 billion. The business of non-life insurance companies increased by 8.83 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 5,364,091. Which is 3.56 percent less than the same period last year. In the same period last year, the number was 5,562,370.
As of Mid-April of the current fiscal year, the number of term and short term life insurance policies is 6,567,263 and the number of foreign employment policies is 2,468,219. In the same period last year, the number of term and short term life insurance policies was 6,261,413 and the number of foreign employment policies was 2,042,832. The number of term and short term life insurance has increased by 4.88 percent and the number of foreign employment insurance has increased by 20.82 percent compared to the previous year.
During the review period, the population covered under insurance has increased to 44.64 percent. In the same period last year, 43.32 percent of the population covered under insurance was covered.
