Kathmandu: The total number of branch offices of life insurance companies has crossed 2268. The average number of branch per insurer is 119.There are 19 life insurance companies in Nepal. Almost all the life insurers have reach to all 77 district through their branch network.
Among the seven provinces, the Bagmati province dominates in terms of numbers of branch, employees and agencies. It has 593 branch offices and accommodates 2494 employees while the numbers of agencies is 233102. Province 1 stands at second rank in terms of branch networks with 372 branch offices. It has provided direct employment opportunity to 805 people while the total number of agencies is 122916.
Lumbini province has 353 branches while Karnali province has the least number of branch offices 148. It has lowest numbers of agencies with 37506 registered employees.
Among life insurers, Union Life has the largest branch network at 204. In the second place, Nepal Life has 193 branches. Sun Nepal Life has 191 branches. Rastriya Beema Sansthan has the lowest number of branches at 23.
Among the life insurance companies, Nepal Life has 674 employees. Asian Life Insurance has provided direct employment to 446 within its 151 branch offices. Union Life has employed 430 people. Rastriya Beema Sansthan, the state-owned life insurer, has the lowest number of employees at 126.