Kathmandu: The life insurance companies are facing challenges amid the surge in the volume of policy surrender. The ongoing economic slowdown has forced policyholders to arrange funds through policy surrender.
According to the data unveiled by the Nepal Insurance Authority, a total of NPR 10.98 billion was withdrawn by the policyholders by the end of the first 10 months of the current financial year 20779-80(2022-23). It accounts for 48 percent of the insurance premiums collected through new businesses. Life insurers collected a total of NPR 23.32 billion through new business during the review period.