Kathmandu: The total premium income (TPI) of life insurers has declined by 6.33 percent during the fist month of current fiscal year compared to the same period of last FY. According to the data provided by the Insurance Board, in the month Sawan, 19 life insurance companies have earned TPI of Rs. 15 billion 5 crore 65 lakh. In the same period of the last FY 2078-79, the TPI was Rs. 16.01 billion.
The TPI includes Rs. 2.2 billion first insurance premium(FPI) for the same month while the renewal premium income(RPI) is Rs. 12.85 billion.
Nepal Life Insurance Company has earned TPI Rs. 4 billion 77 crore 36 lakh in the month of Sawan. Similarly, LIC Nepal has earned Rs. 1 billion 884 million TPI. National Life Insurance Company has earned TPI Rs. 1 billion 61 crore 55 lakh.
Union Life Insurance has earned a TPI Rs. 803 million rupees in the same period. Asian Life Insurance has earned Rs. 700.69 million, Surya Life 547 million, Citizen Life 519.7 million, Rastriya Beema Sanstahan Rs. 502 million TPI. While Met Life has earned TPI of Rs. 480.32 million. Prime Life Rs.462.3 million, Jyoti Life Rs. 400.38 million, Guransh Life has earned Rs. 403.7 million TPI in the month of Sawan.
Similarly Sun Nepal Life Rs. 394.2 million, IME Life Rs.382.3 million, Reliance Life Rs. 301.5 million, Reliable Nepal Life Rs. 292.1 million, Prabhu Life Rs.234.4 million TPI. Sanima Life Rs. 187.3 million and Mahalakshmi Life Rs. 164.6 million TPI.
Insurers comment that the decline the business is witnessed amid on going liquidity crunch and soaring prices of consumer goods. Due to poor saving and cash for investment, people are seen less interested for life insurance. Furthermore, the attractive packages offered by the BFIs to attract fixed deposits too has adverse impact on new business generation of life insurance.
