Economic recession leads fall in the growth rate of general insurers business

Kathmandu: The general insurance business has witnessed a downfall in the growth rate of insurance premium income during the first eight months of the current fiscal year 2079-80. The growth rate remained at 2.29 percent in the last eight months as compared to the same period of the last fiscal year 2078-79.

According to the periodic data released by the Nepal Insurance Authority, till Falgun end of 2079, general insurers earned a total of NPR 25.87 billion against NPR 25.29 billion during the same period in the last FY.

According to industry experts, most likely the general insurance business will witness negative growth in the last quarter of the current FY amid the recession in the economy.

The major chunk of the general insurance business is dominated by motor vehicle insurance. In the last eight months, the insurers collected a total of NPR 8.52 billion. The revenue from motor insurance improved amid the waiver of restrictions on the import of motor vehicles.

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