Kathmandu: The number of directly employed manpower in life and non-life insurance companies has increased by 10.31 percent in the last fiscal year 2078/79. According to the data unveiled by the Insurance Board, insurance regulatory authority, a total of 1,109 manpower were added in life and non-life insurance companies.
In the financial year 2077/78, 10,752 people were working, and by the end of Asar of the last financial year, a total of 11,861 people were directly employed. The count doesn’t include the life insurance agency and the employment generated by the two re-insurers i.e. Nepal Reinsurance and Himalayan Reinsurance.
Among life insurers, Nepal Life has provided job opportunities to largest number while among non-life insurers, Shikhar Insurance Company has provided job opportunity to highest number of employees.
According to the integrated statistics, it appears that around 1,100 new manpower has been added throughout the year, but in reality, more employees have been recruited in the last fiscal year. Due to the number of employees who resigned forcefully or voluntarily, the actual number of all newly recruited manpower is not revealed in the data.
According to the insurance companies, among the new appointees, the number of those appointed with the responsibility of insurance business promotion on the condition of meeting certain business goals is more than the number of employees appointed for administrative work. In addition, the number of job losses due to failure to meet the goal of insurance business promotion is also higher than the number of employees assigned to administrative responsibilities.
It is expected that employees who were appointed in contract may lose their job amid ongoing merger process among 19 insurers. With a mission to curb on operating expenses, the management will opt for discontinuation of the employees hired on contract or through outsourcing.
Photo credit: Shikhar Insurance
