Non-Life Insurers add premium earning even during pandemic

Kathmandu: The non-life insurance business has withnessed growth even during the ongoing prohibitory order amid covid19 pandemic. The business of non-life insurance companies has increased in Jestha(mid May to mid June) compared to the month of Baisakh(mid April to mid May). In the month of Jestha, 19 non-life insurance companies, excluding Rastriya Bima, have earned Rs. 1.72 billion in insurance premium. Companies have managed to increase their insurance premium income by Rs. 60 million in Jestha compared to the same month last year.

As of mid-June of the current fiscal year, 19 life insurance companies, excluding Rastriya Bima, have earned a total premium of Rs 1.78 billion. According to Beema Samiti, the regulatory authority, 19 non-life insurance companies have issued 78,860 policies and collected Rs. 1.78 billion during mid-June of the current fiscal year. National insurance company figures are not included.

According to the statistics of Beema Samiti, the highest amount of insurance premium has been collected by Shikhar Insurance Company in the month of Jestha of the current FY. The company has earned Rs. 270 million in Jestha(mid May to mid-June) alone. Himalayan General Insurance Company is in the second position with the earning of Rs. 260 million premium in a month.

Similarly, Sagarmatha Insurance and Siddhartha Insurance Company has earned Rs. 140 million during Jestha month. NECO Insurance Company collected Rs. 110 million and while IME General Insurance Company has been able to earned Rs. 100 million premium.

Companies earning 80 million premium:

During Jestha of the current FY, NLG Insurance Company,Premier Insurance Company, Azod Insurance Company and Oriental Insurance Company each has Rs. 80 million.

Companies earning less than Rs 80 million premium:

According to Samiti’s data, National Insurance Company received Rs. 70 million, Prabhu Insurance Company Rs. 60 million and Nepal Insurance Company Rs 60 million. The premium earning of Everest Insurance Company is Rs. 60 million while Lumbini General Insurance Company has earned Rs. 50 million.Similarly, Prudential Insurance Company and Sanima General Insurance Company have earned Rs. 40 million.United Insurance and General Insurance Company have same premium earning of Rs. 30 million.

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