Merger among insurance companies sends 589 employees back to home

Kathmandu: The merger of insurance companies has snatched the jobs of 589 employees so far during the period of a year. The number of employment will continue to slash for some more months amid the ongoing merger among insurance companies.

According to the data unveiled by the Nepal Insurance Authority, as compared to the month of Baisakh 2079, the number of employees and branch offices both have shrunk. The total number of employees was 11,875 on Baisakh 2079 as compared to 11,286 on Baisakh 2080. Similarly, the number of branches declined by 12.93 percent to 2915.

Out of the 20 general insurers, only 14 are in operation after the merger. Similarly, out of 19 life insurers, only 15 are in operation following the merger.

Among life insurers, Surya Life and Jyoti Life merged into Suryajyoti, Sanima Life and Reliance Life merged into Sanima Reliance Life, Gurans Life, Prime Life and Union Life have merged to form Himalayan Life. Prabhu Life and Mahalakshmi Life are in the final stage of the merger. Further, among general insurance companies, Himalayan General and Everest Insurance merged into Himalayan Everest, Sanima General and GIC merged into Sanima GIC, Sagarmatha and Lumbini General merged into Sagarmatha Lumbini, Siddhartha and Premier Insurance merged into Siddharth Premier, IME General and Prudential merged into IGI Prudential, United and Ajod Insurance merged into United Ajod Insurance.

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