Kathmandu. Insurance companies in the current financial year 2082. In the first 7 months of 2018, it has done business of Rs 141 billion.
According to the data made public by the Nepal Insurance Authority, insurance companies have earned Rs 141.98 billion in insurance premiums till mid-January of the current fiscal year. Previous fiscal year 2081. Insurance companies had earned Rs 120.78 billion in total insurance premiums till January 1982. The business of insurance companies increased by 17.55 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 113.71 billion in insurance premiums till mid-January of the current fiscal year. It was 18.43 percent over the previous year. In the same period last year, life insurance companies had earned Rs 96.01 billion in premiums.
The company has collected Rs 27.72 billion in first life premium and Rs 85.98 billion in renewal premium till mid-January of the current fiscal year. In the same period of the previous year, the companies had collected Rs 20.75 billion in first life insurance and Rs 75.25 billion in renewal life premium. Compared to the previous year, the first insurance premium increased by 33.58 percent and the renewal premium by 14.26 percent.
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 28.27 billion in insurance premiums in the review period. The company had earned Rs 24.77 billion in insurance premiums in the same period last year. In the review period of the previous year, the business of non-life insurance companies increased by 14.12 percent.
As of the review period, the number of life insurance policies (excluding short, short-term and foreign employment life insurance policies) stood at 59,35,090. It was 9.58 per cent higher than the same period last year. The number was 54,16,001 in the same period last year.
Till mid-January of the current fiscal year, there were 79,34,131 temporary and micro-term life insurance policies and 2,346,148 foreign employment insurance policies. In the same period of the previous year, the number of temporary and short term life insurance policies was 633,181 and the number of foreign employment insurance policies were 2,404,666. The number of temporary and short term life insurance policies has decreased by 25.28 percent while the number of foreign employment insurance has decreased by 2.43 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.
