Non-Life Insurance Industry witnesses 22.74pc growth

Kathmandu. Non-life insurance companies have earned Rs. 31.70 billion in premiums in the last fiscal year 2077/78.According to the Insurance Board, the companies have earned Rs.3.5 billion premiums in the last month of the FY alone.

The average growth rate of the non-life insurance industry is 22.74 percent as compared to previous fiscal year 2076/77.

Among the 20 non-life insurance companies, Shikhar Insurance Company has the highest insurance premium income. It has earned Rs.3.97 billion insurance premium in last FY. Its premium earning was Rs.500 million in Asar(mid-June to mid-July). Sagarmatha Insurance Company is in the second place with Rs. 2.65 billion. Its premium income is Rs. 390 million in Asar month alone.

The third largest insurer in terms of market share, NECO Insurance Company has collected Rs. 2.41 billion in the last FY. Its premium collection in Asar alone is Rs.190 million.

Source: Insurance Board, Nepal

Similarly, Siddhartha and NLG are also among those earning above Rs. 2 billion insurance premiums. They have earned Rs. 2.32 billion and Rs. 2.8 billion respectively.

Companies with Premium Income below 2 billion:

There are 11 companies with premium income between Rs. 1 billion to Rs. 2 billion. Premier Insurance Rs. 1.90 billion, IME General Insurance Rs. 1.52 billion, Lumbini General Insurance Rs. 1.36 billion premium income. Similarly, Prabhu Insurance Rs. 1.36 billion, Himalayan General Rs. 1.30 billion, Prudential Insurance Rs 1.28 billion. While Nepal Insurance and Ajod Insurance have Rs. 1.27 billion premium income during last FY. The Oriental Insurance 1.16 billion, United Insurance 1.5 billion and Everest  Insurance 1.1 billion premium income. The state-owned Rastriya Bima Company has premium income of Rs. 1.63 billion only.

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