Kathmandu. In the first seven months of the current fiscal year, life insurance business has increased by Rs 113 billion.
According to the data released by the Nepal Insurance Authority, the life insurance companies have collected Rs 113.71 billion in insurance premiums till mid-January. Currently, there are 14 life insurers and 3 small life insurers in Nepal.
Life insurers have brought the highest amount of business from Bagmati province till mid-January of the current fiscal year. The companies have collected Rs 50.18 billion in insurance premiums from the province. Bagmati has a share of 44.14 per cent in the total trade.
Similarly, the second largest number of life insurance companies have been brought from Lumbini Province. The companies have collected Rs 17.88 billion in insurance premiums from this province. Lumbini’s share in the total trade is 15.73 percent.
Koshi Province is the third largest market in terms of life insurance business. The companies have collected Rs 13.53 billion in insurance premiums from the province. Koshi Province has 11.91 percent share in the total trade.
Life insurance companies have collected Rs 116.26 million (10.10 percent) from Gandaki Province, Rs 10.22 billion (8.99 percent) from Madhesh Province, Rs 6.84 billion (6.02 percent) from Sudur Paschim Province and Rs 3.40 billion (3.01 percent) from Karnali Province.
