Kathmandu: The population covered under insurance coverage has crossed 35 per cent by the end of Magh 2078. As per the statistics published by the Insurance Board, insurance regulatory of Nepal, the insurance coverage jumped to 32.98 per cent from 25.69
With the increasing number of branch networks of insurance companies and tough competition among the insurers, the population coverage of insurance is increasing day by day.
Population covered by insurance:
Excluding the term and foreign employment life insurance policies, the population covered by insurance has reached 19.44 percent, while the population covered by term life insurance policy has reached 32.38 percent.
The number of people covered by insurance including term and foreign employment life insurance policy has reached 35.18 percent. One year ago, the population covered by insurance was 25.69 percent.
Number of Insurance Policies sold:
The life insurance companies have issued 11 million insurance policies till Magh end 2078, while the non-life insurers have sold 1.69 million insurance policies. The number of insurance articles on life insurance has increased by 38.76 percent compared to Magh end of 2077/78, while the number of non-life insurance policies sold has decreased by 4.42 percent in comparison to the same period of last fiscal year 77/78.
Insurance Premium Income :
Of the Rs 81.30 billion collected by life insurance companies till Magh end 2078, Rs 21.81 billion has been collected by non-life insurance companies. Compared to Magh end of 2077, the premium for life insurance increased by 9.06 percent while the collection of premium for non-life insurance increased by 22.12 percent. Overall, life and non-life insurance companies have earned Rs. 103 billion in insurance premiums till Magh end 2078 BS.