Kathmandu. Insurance companies in the current financial year 2082. In the first 8 months of 2018, it has done a business of Rs 160 billion.
According to the data released by the Nepal Insurance Authority, insurance companies have earned Rs 160.21 billion in insurance premiums till mid-March of the current fiscal year. Previous fiscal year 2081. Insurance companies had earned Rs 138.04 billion in insurance premiums till mid-March 2018. The business of insurance companies has increased by 16.06 percent in the review period compared to the previous year.
Currently, there are 14 life insurance companies, 14 non-life, 3 light life and 4 micro non-life insurance companies operating in Nepal.
According to the statistics, life insurance companies have earned Rs 127.68 billion in total insurance premiums till mid-March of the current fiscal year. It was 16.68 percent over the previous year. In the same period of the previous year, life insurance companies had earned Rs 109.43 billion in total insurance premiums.
The company has collected Rs 31.05 billion in first life premium and Rs 96.63 billion in renewal premium till mid-March of the current FY. In the same period of the previous year, the companies had collected Rs 23.80 billion in first life insurance and Rs 85.82 billion in renewal life premiums. In the review period, the first insurance premium increased by 30.44 percent and the renewal premium by 12.85 percent compared to the previous year.
In the review period, the number of active insurance policies of life insurance companies stood at 1,62,15,369. In the same period of the previous year, there were 1,41,53,848 active insurance policies. The number of insurance policies has increased by 14.57 percent.
Similarly, the non-life insurance companies have earned Rs 32.52 billion in insurance premiums in the review period. The company had earned Rs 28.60 billion in insurance premiums in the same period last year. The business of non-life insurance companies has increased by 13.70 percent in the review period compared to the previous year.
In the review period, the number of life insurance policies (excluding short, short-term, foreign employment, life insurance) stood at 5,959,763. It was 10.60 percent over the same period last year. The number was 53,88,794 in the same period last year.
As of mid-March of the current fiscal year, there are 79,37,019 temporary and micro-term life insurance policies and 2,363,508 foreign employment insurance policies. In the same period of the previous year, the number of temporary and short term life insurance policies was 64,13,633 and the number of foreign employment insurance policies were 2,436,221. The number of term and short term life insurance policies has decreased by 23.75 percent while the number of foreign employment insurance has decreased by 3 percent compared to the previous year.
In the review period, the number of people covered under insurance has increased to 49.82 percent. In the same period last year, 43.94 per cent of the population was covered under the insurance coverage.
