Kathmandu: Life insurance industry has witnessed a positive growth in new business during the last financial year 2080-81(2023-24). According to insurance regulatory authority, Nepal Insurance Authority, life insurers have witnessed a growth of 9.7 percent in new business premiums collection.
Life insurers collected a total of NPR 342711 in last FY while the new business premiums collection was NPR 312383.57 in the previous FY 2079-80 (FY 2022-23).
Life insurers achieved a positive growth despite economic slowdown. The industry experts shared that the growth has been achieved with the support of Single Premiums and mandatory Term and Foreign Employment Insurance. The Government has made it mandatory for migrant labor to have life insurance to receive foreign work permit.
Out of 14 life insurers 5 insurers witnessed negative growth while remaining 9 insurers enjoyed positive growth compared to previous financial year. National Life insurance witnessed whooping growth of 30.58 percent in new business income while state-owned only life insurer, Rastriya Jiwan Beema Company, suffered a landslide decline in new business income.
Market leader Nepal Life Insurance achieved 20.99 percent growth in new business while LIC Nepal maintained industry average growth at 9.17 percent.
