Kathmandu: The Ministry of Finance has informed that insurance premium collection has increased to 3.7 percent as a proportion of the gross domestic production(GDP). In the annual bulletin published by the Ministry mentions that the insurance premium collected by the insurers in the financial year 2078-79 has increased by 16.3 percent compared to the previous financial year. The insurance companies had collected Rs. 1 trillion 77 billion 53 billion on last fiscal year.
According to the ministry, in the financial year 2077-78, insurance companies had collected Rs. 1 trillion 52 billion 65 billion insurance premium. In the financial year 2077-78, insurance fee collection was 3.6 percent in proportion to the GDP. Earlier, in the financial year 2076.77, insurance fee collection was limited to 3.1 percent of the GDP. Though the ministry has compared the ratio of insurance premium collection to the GDP, the actual contribution of insurance industry to the GDP has not been calculated by any authority till date.
Further, the Ministry of Finance has informed that 39.06 percent of the total population is covered by insurance. According to the financial index of the last financial year published by the Ministry, it is estimated that by the end of Asar 2079, the number of people covered by insurance, including term and short-term life insurance, has reached 39.06 percent. According to the Ministry, at the end of Asar 2078, such a population was 25 percent only. By the end of Asar 2079, the population covered including foreign employment insurance(FEI) has reached to 42.03 percent. By the end of June 2078, such population covered including FEI was 27.53 percent only.
