Nepal Breaking NewsBusinessNepal's life insurance industry expands by 32%

Nepal’s life insurance industry expands by 32%

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In the fiscal year 2076/77, 19 life earned 94.38 billion in insurance premiums. This is a 32% over the prior fiscal year. In the preceding fiscal year 075/76, the companies collected Rs. 71.04 billion in insurance premiums. The firms collected Rs 34.48 billion for the first premium and Rs 57.97 billion for the renewal premium in fiscal year 2076/77. Similarly, Rs 1.93 billion in premiums for overseas employment insurance have been collected.

Nepal Wins The Race

During this time, Nepal Life Insurance earned the maximum premium while Sanima Life Insurance earned the least. According to Insurance Board data, Nepal Life Insurance earned approximately Rs 28.39 billion in insurance premiums through the end of the previous fiscal year.

Similarly, throughout the period, LIC Nepal earned Rs 15.31 billion in insurance premiums, while National Life Insurance Company earned Rs 9.21 billion in insurance premiums. The premiums collected by the state-owned Rastriya Beema Sansthan totaled approximately Rs 7.05 billion.

Similarly, Union Life Insurance earned Rs 4.8 billion in premiums during the same period, while Asian Life Insurance earned Rs 4.54 billion. Similarly, Met Life Insurance has received Rs 4.15 billion in premium income, while Prime Life Insurance has received Rs 3.31 billion in premium income.

In addition, Gurans Life Insurance has collected Rs 2.19 billion in insurance premiums, Citizen Life Insurance has collected Rs 1.96 billion, Jyoti Life Insurance has collected Rs 1.89 billion, Reliable Life Insurance has collected Rs 1.6 billion, Reliance Life Insurance has collected Rs 1.4 billion, IME Life Insurance has collected Rs 1.4 billion, Life Insurance has collected Rs 1.18 billion, and Sun Nepal Life Insurance has collected Rs 1.11 billion.

2 Life Insurance With Premiums Less Than Rs 1 Billion

In the fiscal year 2076/77, two life insurance companies generated less than Rs 1 billion in insurance premiums.

According to the Insurance Board, Mahalakshmi Life Insurance has collected Rs 870 million in premiums. Similarly, Sanima Life Insurance has earned the least amount of premium income, totaling Rs 820 million.

There are currently 19 life insurance firms and 20 non-life insurance functioning in the country.

Premium Collection Of Life Insurance Companies In Nepal

S.N Life Insurance Companies In Nepal Total Premium Collection (In Rs. ‘’)
1 Nepal Life Insurance Co. Ltd. 28.39
2 LIC Nepal Ltd. 15.31
3 National Life Insurance Co. Ltd. 9.21
4 Rastriya Beema Sansthan Ltd. 7.05
5 Union Life Insurance Co. Ltd. 4.8
6 Asian Life Insurance Co. Ltd. 4.54
7 Met Life Alico Co. Ltd. 4.15
8 Prime Life Insurance Co. Ltd. 3.31
9 Surya Life Insurance Co. Ltd. 3.2
10 Gurans Life Insurance Co. Ltd. 2.19
11 Citizen Life Insurance Co. Ltd. 1.96
12 Jyoti Life Insurance Co. Ltd. 1.89
13 Reliable Life Insurance Co. Ltd. 1.6
14 Reliance Life Insurance Co. Ltd. 1.4
15 IME Life Insurance Co. Ltd. 1.4
16 Prabhu Life Insurance Co. Ltd. 1.18
17 Sun Nepal Life Insurance Co. Ltd. 1.11
18 Mahalaxmi Life Insurance Co. Ltd. 0.87
19 Sanima Life Insurance Co. Ltd. 0.82

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