Kathmandu: In the last fiscal year 2078/79, life insurance companies have achieved a growth of 14.87 percent in total premium income. Experts comment that the pace of growth is in declining trend as the national economy suffers due to poor growth rate and liquidity crunch in the financial market.
The 19 life insurers have managed to earn a total of Rs.1.39 trillion insurance fees during last FY. The total premium income of in the previous financial year was Rs. 1.21 trillion.
In the last financial year, Nepal Life Insurance has earned Rs. 35.35 billion, and its market share is a quarter. LIC Nepal, which is on the second number, has earned Rs.18.22 billion. National Life Insurance remains at third position with an income of Rs.14.13 billion
State-owned life insurer, Rastriya Beema Sansthan, stands at fourth position with Rs. 8.47 billion insurance premium income. Union Life is in the fifth position. It has earned Rs. 8.9 billion rupees. Asian Life, which is in sixth place, has earned Rs. 7.17 billion.
Citizen Life has succeed to seventh position with an income of Rs. 5.4 billion insurance premium. Citizen Life has made a remarkable progress during last financial year.
Met Life Insurance seems to loosing its market share as its unable to increase its total insurance premium income in pace with the market. It has earned Rs. 5.23 billion only. Surya Life Rs. 4.99 billion, Prime Life Rs. 4.87 billion, Reliable Nepal Life Rs. 3.94 billion, Jyoti Life Rs. 3.80 billion, IME Life Rs. 3.53 billion, Sun Nepal Life Rs. 3. 36 billion insurance premium income. Similarly, Reliance Life has Rs. 3.12 billion while Guransh Life has earned Rs. 3.8 billion.Prabhu Life has earned Rs. 2.39 billion and Sanima Life Rs. 2.29 billion. Mahalakshmi Life Insurance remains at the last position with an income of Rs. 1.59 billion.
