Life Insurers Collect Rs.1.16 billion from Foreign Employment Insurance

Kathmandu: Life insurance companies have collected a total of Rs. 1.16 billion in insurance premiums from foreign employment insurance (FEI) within the first four months of the current financial year 2079-80.

Out of the 19 life insurance companies, only 11 companies have reported sales of 12,12,462 FEI policies for the ex-pat by the end of Kartik 2079 since 1st Sawan. Insurance premiums income from FEI contributed only 2.53 percent of the total insurance premiums income by life insurers in the first four months.

Out of 11 insurance companies involved in the sales of FEI, Sun Nepal Life earned the highest insurance premiums of Rs.517.231 million. Surya Life Insurance collected Rs.173.6 million and Jyoti Life Rs. 117.6 million.

According to the data unveiled by Nepal Insurance Authority, Sanima Life earned Rs, 103 million, Citizen Life earned Rs 834 million and IME Life earned Rs. 763 million.

Similarly, Reliable Nepal Life has made Rs. 465 million, and Nepal Life has collected Rs. 376 million from FEI. National Life earned Rs 88.6 million in insurance premiums while Prabhu Life earned insurance premiums Rs. 382.8 million.

The FEI has been made mandatory for every Nepali worker who has applied for foreign employment. The insurance provides covers for at least one year against workplace accidents, accidental death, disability, a dead body carrying cost, and funeral expenses.

Life insurers are hopeful to increase the size of the business volume of FEI amid the increasing number of foreign employment and surge in inward remittance.

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