Kathmandu: Himalayan Reinsurance Company Limited (Himalayan Re) incurred a loss of Rs. 53 million in the first quarter of the current financial year 2079-80. In the first quarter of the last FY 2078-79, Himalayan Re made a profit of Rs. 47.6 million.
The loss incurred amid the provisioning against the unpaid claims. The company seems aggressive in business expansion accepting highly risky business.
In the first quarter of the current FY, the company earned a net insurance premium of Rs.1.09 billion rupees. In the last FY, the company earned Rs. 88 million in insurance premiums in the first quarter of its business launch. This year, the gross written premium is Rs. 1 billion 910 million till the first quarter. Himalayan Re has made provisioning of Rs.1.24 billion against outstanding claims.
Similarly, it has made a provision of Rs.339.2 million against unpaid claims. During the first quarter, the company paid a net claim of Rs. 20.9 million. The paid-up capital of the company is Rs. 7 billion while Rs. 78.3 million accumulated in the reserve fund.
