Non-life insurers earn Rs.3.4 billion premium in Chaitra

Kathmandu: Non-life insurance companies have earned Rs 3.4 billion in the month of Chaitra of current fiscal year has reached. According to the monthly data published by the Insurance Board(IB), 20 non-life insurance companies have earned a total premium of Rs 3.40 billion including Rs.1.05 from motor insurance alone.

As always, the premium income from motor insurance has occupied the major chunk of  non-life insurers business. Engineering insurance stands at second position with 22 percent contribution in the premium income. Non-life insurers have earned Rs.750 million from engineering insurance. Property insurance has occupied 19 percent in the premium income of last month.

The premium income from Micro insurance is only 0.23 percent which amount Rs 5.61 million. Though the IB has instructed insurers to promote micro-insurance, insurers are reluctant.

Based on the geographical data, the Bagmati province has been dominating the total premium income of non-life insurers. Unlike, the insurance premium income of life insurance companies, non-life insurance companies’ earning above 67 percent is accumulated from Bagmati province only.

The non-life insurers have sold 2 lakh 56 thousand 958 insurance policies within a month in Chaitra while the total number of policies sold in first three quarter of current fiscal year is 21 lakh 75 thousand 414.

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