Kathmandu. Insurance business of more than Rs 120 billion has been done till the second quarter of the current fiscal year.
According to the statistics of the first six months of the current fiscal year made public by the Nepal Insurance Authority, life and non-life insurance companies have earned Rs 120.94 billion in total insurance premiums. Out of this, life insurance worth Rs 96.64 billion and non-life insurance business was Rs 24.30 billion. The share of life insurance in the total business is 79.91 percent and the share of non-life insurance is 20.09 percent.
Currently, there are 14 life insurers, 3 micro life insurers, 14 non-life insurers and 4 micro life insurers in the country.
Regional Life Insurance Business
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Until mid-December of the current fiscal year, life insurers have brought the highest amount of business from Bagmati province. The companies have collected Rs 42.64 billion in insurance premiums from the province. Bagmati’s share in total trade is 44.13 percent.
Similarly, the second largest number of life insurance companies have been brought from Lumbini Province. The companies have collected Rs 15.15 billion in insurance premiums from the province. Lumbini’s share in the total trade is 15.68 percent.
Koshi Province is the third largest market in terms of life insurance business. The companies have collected Rs 11.53 billion in insurance premiums from the province. Koshi Province has 11.93 percent share in the total trade.
Life insurance companies have collected Rs 98.704 million (10.21 percent) from Gandaki Province, Rs 8.70 billion (9.01 percent) from Madhesh Province, Rs 5.81 billion (6.02 percent) from Sudur Paschim Province and Rs 2.92 billion (3.02 percent) from Karnali Province.
Regional Life Insurance Business
Non-life insurers have also brought the highest amount of business from Bagmati Province till January of the current fiscal year. The companies have collected Rs 16.59 billion in insurance premiums from this province. Bagmati has 68.27 percent share in the total trade.
Similarly, the second highest number of non-life insurance companies have been brought from Lumbini Province. The companies have collected Rs 2.08 billion in insurance premiums from this province. Lumbini’s share in the total trade is 8.60 percent.
Koshi Province is the third largest market in terms of non-life insurance business. The companies have collected Rs 2.02 billion in insurance premiums from the province. Koshi Province has 8.35 percent share in the total trade.
As of mid-January, non-life insurance companies have collected Rs 1.56 billion (6.42 percent) from Madhesh Province, Rs 1.21 billion (5.01 percent) from Gandaki Province, Rs 584.7 million (2.41 percent) from Sudurpaschim Province and Rs 230.7 million (0.95 percent) from Karnali Province.
