Kathmandu. Insurance companies in the current financial year 2082. In the first quarter of 2018, it has done business of more than Rs 63.25 billion.
According to the data released by the Nepal Insurance Authority, insurance companies have earned Rs 63.29 billion in insurance premiums in the first three months of the current fiscal year. Previous fiscal year 2081. Insurance companies had earned Rs 52.87 billion in insurance premiums till mid-October 2018. The business of insurance companies increased by 19.70 percent in the review period compared to the previous year.
Currently, there are 14 life insurance companies, 14 non-life, 3 light life and 4 micro non-life insurance companies operating in Nepal.
According to the statistics, life insurance companies have earned Rs 50.36 billion in insurance premiums till mid-September of the current fiscal year. It was an increase of 21.95 per cent over the previous year. In the same period of the previous year, the life insurance companies had earned Rs 41.30 billion.
The company has collected Rs 10.66 billion in first life insurance premium and Rs 39.70 billion in renewal premium till mid-September of the current FY. In the same period of the previous year, the companies had collected Rs 8.37 billion in first life insurance and Rs 32.92 billion in renewal premium. In the review period, the first insurance premium increased by 27.24 percent and the renewal premium by 20.61 percent compared to the previous year.
The number of active insurance policies of life insurance companies stood at 1,59,09,135 in the review period. In the same period of the previous year, there were 1,37,66,448 active insurance policies. The number of insurance policies has increased by 15.56 percent.
Similarly, the non-life insurance companies have earned Rs 12.92 billion in insurance premiums in the review period. The company had earned Rs 11.57 billion in insurance premiums in the same period last year. The business of non-life insurance companies increased by 11.67 percent in the review period compared to the previous year.
As of the review period, the number of life insurance policies (excluding short, short term and foreign employment life insurance policies) stood at 5,99,922. It was 3.93 percent higher than the same period last year. In the same period last year, the number was 59,90,186.
The number of temporary and short term life insurance policies and the number of foreign employment insurance policies stood at 24,55,442 as of mid-September of the current fiscal year. In the same period of the previous year, the number of temporary and short term life insurance policies was 59,89,705 and the number of foreign employment insurance policies were 2,186,557. Compared to the previous year, the number of term and short term life insurance policies has increased by 27.62 percent and the number of foreign employment insurance policies by 12.30 percent.
As of the review period, the number of people covered under insurance has increased to 49.05 percent. In the same period last year, 42.85 per cent of the population was under the insurance coverage.
