Kathmandu: General insurance companies have improved their business in the third quarter by a nominal 4.58 percent as compared to the same period of last financial year. According to the data unveiled by Nepal Insurance Authority, 16 non-life insurance companies collected NPR 30 billion 14.9 million insurance premiums by the end of the third quarter of the current FY 2079-80.
During the same period of last FY 2078-79, a total of NPR 28 billion 701.1 million insurance premiums were collected by non-life insurance companies. The non-life insurance companies achieved a growth of 24.68 percent in the third quarter of last FY 2078-79.
Shikhar Insurance continued to lead the market with a total collection of NPR 4 billion 154.8 million insurance premiums by the end of the third quarter. Sagarmatha Lumbini Insurance collected NPR 3 billion 481.3 million by the end of Chaitra 2079. The insurance premiums income of Sagarmatha Lumbini declined by 3.49 percent. The integrated business of Sagarmatha Insurance and Lumbini Insurance kicked off from 29 Falun with the successful completion of the merger process.
The insurance premium collection of United Insurance Company, Siddharth Premier Insurance Company, Sagarmatha Lumbini Insurance Company, and Nepal Insurance has declined. The insurance premium collection of United Insurance declined by 21.45 percent to 953.2 million while the insurance premiums collection of Siddharth Premier decreased by 6.38 percent. Nepal Insurance Company also lost the business by 3.20 percent as compared to the third quarter’s performance of last FY.