Kathmandu. Karnali Province has witnessed the highest growth in life insurance business. Although the share of life insurance business is lowest in Karnali, it is ahead in terms of growth rate.
Nepal Insurance Authority (NIA) has released the current fiscal year 2082. This is what the data of April 83 shows. According to the data, the last fiscal year 2081. The life insurance business in Karnali has increased by 20.18 percent in the same period of the current fiscal year. Life insurance companies have collected Rs 4.75 billion in insurance premium from Karnali till mid-April of the current fiscal year. In the same period of the last FY, the companies had collected Rs 3.95 billion in insurance premiums.
The second highest increase has been seen in Madhes Province. The companies have collected Rs 14.52 billion in insurance premiums from the province in the review period. The company had collected Rs 12.39 billion in insurance premiums in the same period last year. The life insurance business in Madhesh Province has increased by 17.18 percent in the review period compared to the previous year.
Similarly, the third highest increase has been seen in Lumbini Province. In the review period, the company collected Rs 25.47 billion in insurance premiums from the province till mid-April of the last fiscal year.
Similarly, life insurers collected Rs 9.77 billion in insurance premium from Sudurpaschim Province, Rs 16.25 billion from Gandaki, Rs 19.04 billion from Koshi and Rs 70.13 billion from Bagmati Province. Life insurance business in Sudurpaschim Province increased by 15.58 per cent, Gandaki Province by 14.98 per cent, Koshi by 12.87 per cent and Bagmati by 12.06 per cent in the review period as compared to mid-April of the previous year.
The companies have collected Rs 159.96 billion in insurance premiums till mid-April of the current fiscal year. The company had collected Rs 140.35 billion in insurance premiums till mid-April of the last fiscal year. The company’s turnover increased by 13.98 percent in the review period compared to the previous year.
Market share
Bagmati Province is ahead in terms of life insurance business market share. The share of the province in the total trade as of April is 43.84 percent.
Lumbini is the second largest market. The province accounts for 15 per cent of the total trade.
Similarly, Koshi has 11.91 percent, Gandaki 10.16 percent, Madhesh 9.08 percent, Sudurpaschim 6.11 percent and Karnali 2.97 percent.
