General Insurers Achieve a Growth of 11 pc in the Q1 of Current FY

Kathmandu: General insurers have posted a growth of 11.85 percent in the first quarter of current fiscal year with total insurance premium income of Rs.10.84 billion. According to the Nepal Insurance Authority(NIA), 19 life insurers have earned a total of 10 billion 84 million 24 million rupees insurance premium in the first quarter of 2079-80. The 19 insurers had earned a total of Rs.96.93 billion during the same period of last fiscal year 2078-79.

A total of 689,468 insurance policies have been sold during in the first quarter of current FY. In the last month of the first quarter, Ashoj, general insurers have earned Rs. 2.96 billion insurance premium from the sales of 244,000 insurance policies.

Out of 19 general insurers, the business of 6 general insurers has declined while rest of the companies have been able to expand their business. Based on quarterly performance, United Insurance is the top looser with a sharp decline by 25.58 percent in insurance premium income. The poor performance has been resulted amid the on going crisis on top level management. CEO Upasana Paudel has already resigned but the BODs has not yet taken any decision about her resignation.  Shikhar Insurance has achieved the lowest growth of 1.67 percent in the first quarter.

According to the NIA, state-owned Rastriya Beema Company stands at top position with a total premium collection of Rs.1.264 billion during Q1. Shikhar Insurance Company has collected Rs.1.2 billion while Sagarmatha Insurance Company has earned Rs. 85.21 crore during the same period. Neco Insurance Company stood at fourth position with a total premium collection of Rs. 82.84 crore.
Siddharth Insurance Company has earned a total insurance fee of Rs. 764.9 million and Himalayan Everest Insurance Company has earned a total insurance fee of Rs. 73.34 crore.
During this period, NLG Insurance Company has collected Rs. 61.8 crore. Premier Insurance Rs. 56.98 crore, Lumbini General Insurance Company received Rs. 50.24 crore, Ajod Insurance Rs. 46.8 crore, IME General Rs. 44.9 core and Nepal Insurance Rs.43.76 crore insurance premiums. Prabhu Insurance has earned a total insurance premiums of Rs. 41.29 crore.

Similarly, Oriental Insurance has earned Rs. 39.64 crore while Prudential Insurance Rs. 35.18 crore, National Insurance Rs. 32.83 crore, United Insurance Rs. 32.31 crore, Sanima General Rs. 28.36 crore and General Insurance Rs. 25.18 crore insurance premium income.

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