Insurance Industry Achieves An Average Growth of 22pc in the Last One Decade

Kathmandu: In the last one decade, Nepalese insurance industry has achieved a remarkable average annual growth of 22 percent.  According to the data unveiled by the Insurance Board, from the financial year 2069-70 to 2079-80, the average annual growth rate of insurance business remained above 22 percent.

During the last ten years, insurance companies have collected Rs. 8 trillion 16 billion 600 million total insurance premium. Out of this

In between FY 2075-76 to 2078-79, i.e. within the span of 4 years, insurance companies have collected above 66 percent of the total insurance premium collected in one decade.

According to the Board, the total premium income of life and non-life insurance companies was Rs.24.30 billion in FY 2069/70. And it exceeded the figure of one trillion in FY 2079-80 with a TPI of Rs. 1.77 trillion 50 million.

According to the Insurance Board, as the size of the insurance business is increasing, the population having access to insurance is also gradually increasing. In terms of the percentage of total insurance premiums in the gross domestic production, the contribution was around 1 percent in FY 2069-70. It has increased to 3.67 percent in FY 2079-80. The access to insurance has reached to 38.26 percent of the total population based on the total number of insurance policies sold.

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