Kathmandu: Life insurance companies are starting to focus more on renewal insurance premiums than first premium. Out of the total insurance premiums income, the share of renewal insurance fee income is 70 percent during last fiscal year 2078/79. The 19 life insurance companies have earned 97 billion 4 million rupees in renewal insurance premium.
Nepal Life has a market share of 25 percent in terms of total insurance premiums, and 28 percent in terms of renewal insurance premiums income. Nepal Life has managed to maintain itself at number one through the policies issued in the past years. The renewal insurance fee of the company is 28 billion one crore rupees.
LIC Nepal, which is in the second position, has earned Rs. 15.10 billion in renewal insurance premium income(RPI). The company’s market share is 15.56 percent. National Life, which is in the third place, has Rs. 9.44 billion, its market share is 9.73 percent in terms of RPI.
The Rastriya Beema Sansthan, which is in the fourth position, has Rs. 7.51 billion RPI. Due to civil servant, the company’s renewal insurance fee earnings are very visible.
Union Life Insurance, which is in fifth place in terms of RPI, has earned Rs. 5.4 billion. The total market share of this company is 5.82 percent, while the share of renewal premium of the company is 5.57 percent. Asian Life Insurance has collected Rs. 4.73 billion while Met Life has earned Rs. 3.76 billion RPI during last fiscal year.
Similarly, Prime Life has earned Rs. 3.32 billion while Surya Life has Rs. 3 billion, Citizen Life Rs. 2.66 billion. Guransh Life has earned Rs. 2.43 billion, IME Life has Rs. 1.99 billion, Jyoti Life has Rs 1.95 billion. The RPI of Reliance Life Rs 1.70 billion, Reliable Nepal Life Rs. 1.54 billion, Sun Nepal Life Rs 1.46 billion, Sanima Life Rs. 1.29 billion, Prabhu Life Rs. 94 crore and Mahalakshmi Life has earned Rs 73 crore RPI.