Kathmandu: General Insurance Companies have been able increase total insurance premiums income by 10 percent while the few of the companies have witnessed sharp decline in premiums income.
According to the Nepal Insurance Authority(NIA), in the first quarter of current fiscal year, 19 general insurers have earned a total of Rs.10.84 billion 16 lakh. The total premiums income was Rs.9.90 billion only.
By this period of the last financial year, Shikhar had earned a total insurance fee of 1.32 billion rupees. But by the end of October of this financial year, the national insurance company has earned the most total insurance fees. The company has earned a total insurance fee of 1 billion 26 million rupees during this period.
State-owned Rastriya Beema Company(RBC) has earned Rs. 1.26 billion in Q1. Its TPI has surged by 183 percent higher due to government’s contribution to its business revenue. Shikhar Insurance Company has increased the TPI by 2 to Rs. 1.43 billion.
Compared to the Q1 last financial year 2078-79, the TPI 6 companies has decreased. The decline in TPI of Sagarmatha Insurance, Himalayan Everest Insurance, NLG Insurance, Premier Insurance were 6, 4 and 10 percent respectively. According to the periodic data the TPI of Premier Insurance Company, United Insurance Company and General Insurance Company have been declined by 7%, 27% and 2% respectively.