Access to insurance reached to 27 percent

Kathmandu: The access to insurance has reached to 27 percent of the total population. As per the data published Beema Samiti, the total reach to insurance is 27 percent including the Nepali expats. Excluding the expats, the average reach to insurance is 24.76 percent of the total population.

The contribution of total premium to the GDP has reached 3.58 percent in FY 77/78. The contribution of insurance to Nepal’s GDP is increasing every year. A total of 10,752 direct employment has been generated by the insurance companies. More than 250,000 are working as insurance agents.

In the last FY, the average growth of insurance industry is 16.18 percent based on the total premium earned. Life and non-life insurance companies have earned Rs. 152.65 billion in premiums in the last fiscal year.

Life insurance companies have managed to collect a total of Rs.120.95 billion in insurance premiums. This is 27.12 percent more than the previous fiscal year. Similarly, non-life insurance companies have earned Rs 31.70 billion in insurance premiums in the last fiscal year. This is an increase of 22.74 percent over the previous fiscal year.

The current paid-up capital of 18 life insurance companies is Rs. 38 billion while the paid-up capital of 20 non-life insurance companies is Rs. 19.18 billion. As Met Life is serving as a branch office of Metlife US, it has no paid-up capital. Similarly, two more non-life insurers including oriental insurance has no paid up capital.

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