Kathmandu: Over a period of one year, the percentage of the population covered by insurance has crossed 28 percent. According to the data unveiled by the Insurance Board(IB), up to the first quarter of the Fiscal Year 2078/79 BS (mid-October 2021), 28.15 percent of the total population including foreign employment insurance policy has been covered by insurance.
According to the data of the insurance sector released by the IB up to third quarter of FY 2078/79(mid-October 2021), the population covered under insurance as compared to previous FY’s review period, there’s an increase of 3.2 percent. The percentage is calculated based on the total number of insurance policies issued including foreign employment insurance.
According to the IB, the number of insurance policies including foreign employment insurance policies has been deducted by five percent to 8.5 million 86 thousand 19. Calculating the percentage of the population covered by the insurance, the total population is estimated at 34.97 million.
When the number of foreign employment insurance policies is removed, the population covered by insurance is 23.36 percent.
The number of life insurance policies added by 14.50 percent to 9,09,277. However, the number of non-life insurance policies issued by non-life insurers declined by 0.19 percent to 332,359. The number of insurance policies issued by non-life insurance companies has declined due to non-discontinuation of Covid19 insurance policies.