Kathmandu. Insurance companies have done business worth more than Rs 2.25 trillion in one year.
According to the data released by the Nepal Insurance Authority, the last fiscal year 2081. Insurance companies have earned a total insurance premium of Rs 227.18 billion. The previous fiscal year 2080. Insurance companies had earned a total insurance premium of Rs 197.96 billion in 2017-19. Compared to the previous year, the business of insurance companies increased by 14.76 percent in the review year.
In the review year, the share of life insurance in the total business was 80.23 percent and the share of non-life insurance was 19.77 percent. In the previous year, this share was 79.05 percent of life insurance and 20.95 percent of 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 182.27 billion in the review year. This is an increase of 16.47 percent over the previous year. In the previous year, life insurance companies had earned a total insurance premium of Rs 156.50 billion.
In the last fiscal year, life companies collected Rs 44.51 billion in first life insurance and Rs 137.76 billion in renewal life insurance. In the previous fiscal year, the companies collected Rs 34.51 billion in first life insurance and Rs 121.98 billion in renewal life insurance. The first insurance premium has increased by 28.95 percent and renewal insurance by 12.93 percent in the review period compared to the previous year.
In the review year, the number of active insurance policies of life insurance companies was 15,630,999. In the previous year, the number of active insurance policies was 13,881,492. The number of active policies has increased by 12.60 percent.
Similarly, non-life insurance companies earned Rs 44.91 billion in insurance premium in the review year. In the previous fiscal year, the companies had earned a total insurance premium of Rs 41.46 billion. The business of non-life insurance companies increased by 8.31 percent in the review year compared to the previous year.
In the last fiscal year, the number of life insurance policies (except term, short term, foreign employment life insurance) was 5,775,305. Which is 0.93 percent lower than the same period last year. In the previous year, the number was 5,829,724.
In the review year, the number of term and short term life insurance policies was 7,269,381 and the number of foreign employment policies was 2,586,313. In the previous year, the number of term and short term life insurance policies was 5,982,726 and the number of foreign employment policies was 2,069,042. Compared to the previous year, the number of term and short term life insurance has increased by 21.51 percent and the number of foreign employment insurance has increased by 25 percent.
In the review year, the population covered under insurance has increased to 48.33 percent. In the previous year, 43.27 percent of the population covered under insurance was covered.
