Kathmandu: Life insurance companies have collected Rs.82.69 crore from the sales of foreign employment insurance(FEI) in the first quarter of current fiscal year. According to the Nepal Insurance Authority, currently only 10 life insurance companies including Sun Nepal Life are involved in the sales of FEI.
According to NIA, Sun Nepal Life Insurance has earned a total of Rs.38 crore 40 lakh 58 thousand from the sales of Foreign Employment Insurance(FEI) in the first quarter of current fiscal year. Sun Nepal alone covers 46.44 of the total insurance premium income generated by life insurers from FEI. There are a total of 609748 FEI policies inforce at Sun Nepal.
Surya Life Insurance occupies second position in FEI with a total of Rs.14 crore 23 lakh 91 thousand insurance premium income in Q1. It has occupied 17.21 percent in FEI business. The total number of policies inforce of Surya Life is 1.28,285.
Currently, out of 19 life insurers only 10 life insurers are involved in the sales of FEI. FEI gets reinsurance support from Nepal Re-insurance through FEI risk sharing pool.