Kathmandu: Non-life insurance industry has collected net premium of Rs.11.82 billion in the last FY 2077/78(2020-21).The non-life insurance companies have earned net insurance premium of Rs.10.45 billion in the previous FY 2076/77. Compared to the previous FY, the net premium income of companies is 18 percent higher. National Insurance and Oriental Insurance Company have not published their financial statements.
NECO Insurance Company is among the companies earning the highest net premium income during the period under review. The company has collected Rs.1.63 billion net premium in the last FY. Compared to the same period of the previous FY, the company’s net premium income is 29 percent higher.
Similarly, Shikhar Insurance Company is ranked second in terms of net premium income . The company has earned net insurance premium of Rs.1.29 billion during the period. The company had earned net premium of Rs.1.18 billion in the previous FY.
Sagarmatha Insurance Company is the third largest earner of net insurance premiums. The company has managed to collect net insurance premium of Rs .1.23 billion during the review period of the last fiscal year. The company had earned only Rs. 987.1 million in the corresponding period of the previous FY.
Similarly, Siddhartha Insurance Company has increased its own premium by 14 percent as compared to the same period of the previous FY and earned Rs. 920 million during the review period. NLG Insurance Company has earned Rs. 895.6 million in net premiums during the period. Which is 50 percent more than the corresponding period of the previous FY. Premier Insurance Company has earned net insurance premium of Rs. 762.4 million. Which is 10 percent more than the previous FY. Nepal Insurance has manage to increase net insurance premium by 7 percent. It’s net premium income is Rs. 714.2 million in FY 2077/78.
Similarly, Lumbini General Insurance Company has increased its net premium income by 2 percent to Rs. 599.3 million. IME General Insurance Company has earned net insurance premium of Rs. 587.9 million. Which is 14 percent more than the corresponding period of the previous fiscal year. Prudential Insurance Company has earned Rs.581.6 million net premium.
Companies earning less than Rs 500 million in net premiums
Prabhu Insurance Company has earned net insurance premium of Rs 493.2 million. Which is 7 percent more than the corresponding period of the previous FY. Everest Insurance Company has earned Rs. 436.1 million by increasing its net premium by 8 percent as compared to the same period of the previous FY. United Insurance Company has earned a net insurance fee of Rs. 435.9 million. Which is 36 percent more than the corresponding period of the previous FY. Ajod Insurance Company has managed to earn Rs. 382.8 million by increasing the insurance fee by 26 percent as compared to the same period of the previous FY.
Similarly, Rastriya Bima Company has earned net premium of Rs. 226.9 million during the period. Which is only 1 percent more than the corresponding period of the previous FY. Sanima General Insurance Company has earned Rs.163.4 million.
The net premium income of Himalayan General Insurance Company and General Insurance Company has declined during the review period. During this period, the net insurance premium of Himalayan General Insurance Company decreased by 3 percent compared to the same period of the previous FY and earned Rs. 259 million. Similarly, General Insurance Company has earned net insurance premium of Rs. 207 million during the period. Which is 1 percent less than the previous FY.
