Kathmandu. Insurance companies in the last fiscal year 2082. He has done insurance business of more than Rs 2.5 billion in 83 years.
According to the Insurance Reflection Released by the Nepal Insurance Authority, insurance companies have earned a total insurance premium of Rs 256.51 billion in the last fiscal year. Previous fiscal year 2081. In 2018, the insurance companies earned Rs 227.18 billion in total premiums. The business of insurance companies has increased by 12.91 percent in the review year 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 204.59 billion in insurance premiums in the last fiscal year. It was 12.25 percent higher than the previous year. In the previous fiscal year, the life insurance companies had earned Rs 182.27 billion in premiums.
In the last fiscal year, the companies collected Rs 53.87 billion in first life insurance and Rs 150.72 billion in renewal life premiums. In the previous year, the company had collected Rs 44.51 billion in first life insurance and Rs 137.76 billion in renewal premium. Compared to the previous year, the first insurance premium has increased by 21.04 percent and the renewal premium has increased by 9.41 percent.
In the review year, the number of active insurance policies of life insurance companies stood at 1,67,92,230. In the previous year, there were 1,56,30,999 active life insurance policies. The number of insurance policies has increased by 7.43 percent.
Similarly, the non-life insurance companies have earned Rs 51.92 billion in insurance premiums in the review year. The company had earned Rs 44.91 billion in insurance premiums in the previous year. In the review year, the business of non-life insurance companies increased by 15.61 percent compared to the previous year.
In the last fiscal year, there were 61,52,525 life insurance policies. It was 6.53 percent over the previous year. Last year, the number was 5,75,305.
In the last fiscal year, there were 81,91,213 temporary and micro life insurance policies and 24,48,492 foreign employment insurance policies. In the previous year, the number of temporary and short term life insurance policies was 72,69,381 and the number of foreign employment insurance policies were 2,586,313. The number of term and short term life insurance policies decreased by 12.68 percent while the number of foreign employment insurance policies decreased by 5.33 percent compared to the previous year.
In the review year, the population covered by insurance has increased to 52.04 percent. Last year, 48.33 per cent of the population was covered by insurance.
