Kathmandu. Current Fiscal Year 2083. Life insurance companies have brought in business of more than Rs 40.5 billion till the second month of August.
According to the data released by the Insurance Authority of Nepal, 14 life insurers have collected a total insurance premium of Rs 40.54 billion till August of the current financial year. In the previous year, 2082. By August 83, the companies had collected a total insurance premium of Rs 35.24 billion. The business of the companies has increased by 15.01 percent during the review period compared to the previous year.
Nepal Life Insurance has been the top gainer in terms of business growth during the review period. The business of all insurers has increased during the review period compared to the previous year.
Nepal Life has collected a total insurance premium of Rs 10.58 billion till August of the current fiscal year. The company had collected a total insurance premium of Rs 9.68 billion till August last year. The company’s business has increased by 9.27 percent during the review period compared to the previous year.
Similarly, National Life is the second largest business-intributor. The company collected a total insurance premium of Rs 4.85 billion during the review period. The company had collected a total insurance premium of Rs 3.98 billion till August last year. The company’s business increased by 21.99 percent during the review period compared to the previous year.
National Life Insurance Company is in the third position in terms of bringing in more business. The company collected a total insurance premium of Rs 4.08 billion till August last year, while the total insurance premium of Rs 4.41 billion during the review period has been collected. The company’s business has increased by 8.19 percent during the review period compared to the previous year.
Similarly, in the current fiscal year, Life Insurance has collected Rs 3.67 billion, Himalayan Life Insurance Rs 3.59 billion, Suryajyoti Life Insurance Rs 2.46 billion and Asian Life Insurance Rs 1.82 billion. LIC Nepal’s business increased by 8.37 percent, Himalayan Life Insurance by 13.23 percent, Surya Jyoti Life by 22.41 percent and Asian Life Insurance by 22.91 percent.
Likewise, Citizen Life Insurance has collected Rs 1.69 billion in insurance premiums, IME Life Insurance Rs 1.48 billion, Sanima Life Insurance Rs 1.42 billion, Prabhu Nepal Life Insurance Rs 1.48 billion, Reliable Nepal Life Insurance Rs 1.4 billion, Reliable Nepal Life Insurance Rs 1.4 billion, Reliable Nepal Life Insurance Rs 1.4 billion, and Sun Nepal Life Insurance Rs 1.46 billion. Compared to the previous year, the business of all the companies has increased in the review period.
What is the growth of the business?
