Kathmandu: The merger among life insurers has concentrated the market share to a few life insurance companies. Out of the 15 life insurers under operation, four life insurers cover over sixty percent of the total business.
Nepal Life Insurance (NLIC), LIC Nepal(LICN), National Life Insurance (NLICL), and Himalayan Life Insurance(HLI) cover 25.99, 12.43, 11.30, and 10.54 percent of the total premiums collected by the life insurance companies by the end of Jestha 2080 of the current financial year 2079-80. The remaining 40 percent has been shared by the rest of the 11 life insurance companies. According to the data unveiled by the Nepal Insurance Authority, a total of NPR 124 billion in insurance premiums has been collected by the 15 life insurers by the end of the first 11 months of the current FY.
NLIC has the highest share of renewal insurance fees with 27.62 percent share while LICN is in second place with 13.67 percent share on renewal insurance premium collection. Emerged after the merger of three life insurance companies, HLI occupies an 11.33 percent share in renewal premium collection. Prime Life, Guransh Life, and Union Life were integrated and transformed into HLI. The market share of NLICL is 17.05 percent in the renewal insurance income.
In terms of new business premiums income, NLIC has a 19 percent share. NLICL has 12 percent. Surya Jyoti Life is in third place with a share of 8.66 percent in new business income. I