Kathmandu. Insurance companies in the current financial year 2082. In the first nine months of ’83, he has done more than Rs 2.75 billion in insurance business.
According to Insurance Reflection Released by Nepal Insurance Authority, insurance companies have earned Rs 181.07 billion in insurance premiums till mid-April of the current fiscal year. Previous fiscal year 2081. Insurance companies had earned Rs 159.85 billion in total insurance premiums till mid-April 2018. The business of insurance companies increased by 13.28 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 143.81 billion in insurance premiums till mid-April of the current fiscal year. It was 13.20 percent more than the previous year. In the same period of the previous year, life insurance companies had earned Rs 127.03 billion in total premiums.
The companies have collected Rs 35.15 billion in first life insurance premium and Rs 108.65 billion in renewal insurance premium till mid-April of the current fiscal year. In the same period last year, the company had collected Rs 27.47 billion in first insurance premium and Rs 99.56 billion in renewal life premium. In the review period, the first insurance premium increased by 27.96 percent and the renewal premium by 9.13 percent compared to the previous year.
The number of active insurance policies of life insurance companies stood at 1,63,97,205 in the review period. In the same period of the previous year, there were 1,43,99,573 active life insurance policies. The number of insurance policies has increased by 13.87 percent.
Similarly, the non-life insurance companies have earned Rs 37.26 billion in insurance premiums in the review period. The company had earned Rs 32.81 billion in insurance premiums in the same period last year. The business of non-life insurance companies increased by 13.56 percent in the review period compared to the previous year.
As of the review period, the number of life insurance policies (excluding temporary, short term and foreign employment life insurance policies) stood at 59,89,318. It was 11.66 percent more than the same period last year. The number was 53,64,091 in the same period last year.
As of mid-April of the current fiscal year, the number of temporary and short term life insurance policies has increased to 8 lakh 21 thousand 759 and the number of foreign employment insurance policies has been 23 lakh 86 thousand 128. In the same period of the previous year, the number of temporary and short term life insurance policies was 65,67,263 and the number of foreign employment insurance policies were 24,68,219. The number of temporary and short term life insurance policies has decreased by 22.15 percent while the number of foreign employment insurance policies has decreased by 3.33 percent compared to the previous year.
As of the review period, the number of people covered under insurance has increased to 50.31 percent. In the same period last year, 44.64 percent of the population was covered by insurance.
