Kathmandu: Non-life insurance companies have incurred a liability of Rs. 797 billion till the second quarter of current fiscal year. According to the half yearly report unveiled by the Insurance Board(IB), the insurers have owned the
have sold 261,687 policies in January alone. During the first six months of the current fiscal year, i.e. till mid-December, the companies have sold 1.485 million policies.
According to the Insurance Committee, non-life insurance companies have owned the liability of Rs. 797 billion against the sales of 1,485,851 insurance policies. Non-life insurance companies have earned Rs 19.09 billion in insurance premiums in the first six months of the current fiscal year alone.
Based on the sum assured, as of Paush end( mid-January 2022), Nepal Insurance Company bears the highest liability of risk amounting to Rs. 80.33 billion. Shikhar Insurance Company, which has earned Rs. 2.43 billion total premium, has the liability of Rs 76.18 billion.
Similarly, NECO Insurance Company, which earns the third highest insurance premium, has the a total risk coverage liability of Rs. 74.55 billion. Sagarmatha Insurance Company, which is the second largest insurer, has a sum insured of Rs 61.64 billion.
The general insurers manage to bear the risk with the support of global re-insurers. They share the risk by sharing the re-insurance premium. It the insurance claim exceeds the risk retention limit of the insurer, the re-insurer is supposed to bear the exceeded risk.
