Kathmandu. Insurance companies in the current financial year 2082. In the 10 months of ’83, he has done insurance business of more than Rs 200 billion.
According to the Insurance Reflection Released by Nepal Insurance Authority, insurance companies have earned Rs 201.36 billion in insurance premiums till mid-April of the current fiscal year. Previous fiscal year 2081. Insurance companies had earned Rs 176.21 billion in insurance premiums till mid-April 2018. The business of insurance companies increased by 14.27 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 159.96 billion in insurance premiums till mid-April of the current fiscal year. It was 13.98 percent over the previous year. In the same period of the previous year, life insurance companies had earned Rs 140.35 billion in total insurance premiums.
The companies have collected Rs 39.17 billion in first life insurance and Rs 120.79 billion in renewal insurance premium till mid-April of the current fiscal year. In the same period of the previous year, the companies had collected Rs 30.90 billion in first insurance premium and Rs 109.44 billion in renewal life premium. In the review period, the first insurance premium increased by 26.76 percent and the renewal premium by 10.37 percent compared to the previous year.
The number of active insurance policies of life insurance companies stood at 1,65,25,949 in the review period. In the same period of the previous year, there were 1,53,06,993 active life insurance policies. The number of insurance policies has increased by 7.96 percent.
Similarly, the non-life insurance companies have earned Rs 41.39 billion in insurance premiums in the review period. The company had earned Rs 35.86 billion in insurance premiums in the same period last year. The business of non-life insurance companies has increased by 13.98 percent in the review period compared to the previous year.
As of the review period, the number of life insurance policies (excluding short, short term and foreign employment life insurance policies) stood at 6,65,789. It was 11.06 percent more than the same period last year. In the same period last year, the number was 54,61,600.
As of mid-April of the current fiscal year, the number of temporary and micro-term life insurance policies and the number of foreign employment insurance policies stood at 24,04,042. In the same period of the previous year, there were 73,44,025 term life insurance policies and 2,501,368 foreign employment insurance policies. The number of term and short term life insurance policies has decreased by 9.70 percent while the number of foreign employment insurance has decreased by 3.89 percent compared to the previous year.
As of the review period, the number of people covered under insurance has increased to 50.66 percent. In the same period last year, 47.39 percent of the population was covered under the insurance cover.
