Kathmandu: The life insurance companies earned a total of NPR 1.14 trillion in insurance premiums during the first ten months of the current financial year. As compared to the same period of last FY 2078-79, the total premiums income surged by a minor 3.36 percent.
The growth rate of the life insurance business is almost stagnant for the last three months. The life insurance companies could hardly gain growth of 5 percent in total insurance premiums income. Among 15 life insurance companies in operation, the business of five life insurers including Himalayan Life Insurance(HLI) has declined. Further, IME Life achieved the highest growth of 27 percent.
According to the data published by the Nepal Insurance Authority, Nepal Life alone NPR 29.65 billion total insurance premium in the first ten months of the current FY 2079-80. It holds above 25 percent market share in terms of total premiums income.
IME Life witnessed a surge of 27.21 percent to NPR 3.26 billion total insurance premiums. Its share in the industry’s TPI accounted for 2.86 percent. Similarly, the TPI of National Life increased by 12.85 percent to NPR 12.39 billion.
Asian Life stood as the poorest one in terms of TPI growth. It achieved a growth of 2.76 percent to NPR 5.68 billion.