Kathmandu: Nepal Insurance Authority has approved two microinsurance companies, one each from the life and general insurance business. According to the Authority, the meeting of the board of directors (BODs) held on Sunday has given final approval to Guardian Micro Insurance Company for life insurance and Nepal Micro Insurance Company for non-life business.
Guardian Micro’s central office is at Biratnagar, the headquarter of Koshi Province while Nepal Micro Insurance Company’s central office is in Bharatpur, Chitwan.
Sahil and Sulabh Agrawal of Shankar Group, and Deepak Bhatta are the major promoters behind Guardian Micro Insurance Company. Bigyanraj Sharma is the chairman of BODs Guardian Micro Life. Bhawani Rana, a member of BODs of National Life Insurance is the Chairman of Nepal Micro Insurance Company.
These two companies are the first two micro insurers in the insurance industry of Nepal. Additionally five micro insurers including three micro-nonlife insurers and two micro-life insurers in the pipeline for final approval of the operating license.
Prior to the issue of two new licenses, there were 17 life,16 non-life, and 2 reinsurers operating in Nepal.