Kathmandu. Current fiscal year 2082. Life insurance companies have collected more than Rs 133 billion in insurance premiums by renewing policies in the 11 months of ’83 BS.
As per the statistics released by the Nepal Insurance Authority (NIA) today, 14 life insurance companies have earned Rs 133.91 billion in renewal premium till mid-May of the current fiscal year. Previous fiscal year 2081. Insurance companies had earned Rs 119.96 billion in renewal premiums till May 19, 2018. In the review period of the previous year, the renewal premium collected by the insurers increased by 11.63 percent.
Compared to the previous year, the renewal premium collection of all companies has increased till May of the current year. IME Life continues to collect the highest number of renewal insurance premiums.
Nepal Life Insurance has collected Rs 35.99 billion in renewal premium till mid-June of the current fiscal year. The company had collected Rs 32.79 billion in the previous year. Compared to the previous year, the company’s renewal premium collection increased by 9.76 percent.
National Life is the second highest collection of renewal insurance premiums. The company has collected Rs 16.57 billion in renewal premium till mid-May. In the same period of the previous year, the company had collected only Rs 13.98 billion in renewal premium. The company’s renewal premium has increased by 18.49 percent compared to the previous year.
Life Insurance Corporation of Nepal (LIC) is in the third position. The company had collected Rs 14.83 billion in renewal insurance premiums till mid-May of the previous year, which increased by 4.47 percent to Rs 15.49 billion in the review period.
Similarly, Himalayan Life Insurance has collected Rs 13.54 billion in renewal insurance premiums till mid-May. The company had collected Rs 12.90 billion in the same period last year. The company’s renewal premium has increased by 4.95 percent compared to the previous year.
Nepal Life Insurance has collected Rs 9.50 billion in renewal premiums, followed by Surya Jyoti Life Insurance Rs 7.71 billion, Asian Life Insurance Rs 6.59 billion, Citizen Life Insurance Rs 5.14 billion and Reliance Life Insurance Rs 4.82 billion. In the review period, the renewal premium of Rastriya Life Insurance Company increased by 20.30 percent, Surya Jyoti Life Insurance by 12.62 percent, Asian Life Insurance by 8.55 percent, Citizen Life Insurance by 16.86 percent and Sanima Life Insurance by 15.07 percent.
Likewise, Prabhu Life Insurance collected Rs 4.66 billion in renewal insurance premiums, IME Life Insurance Rs 3.91 billion, Prabhu Life Insurance Rs 3.61 billion, Reliable Nepal Life Insurance Rs 3.57 billion and Sun Nepal Life Insurance Rs 2.75 billion. In the review period, MetLife Insurance increased by 8.73 percent, IME Life Insurance by 22.68 percent, Prabhu Mahalaxmi Life Insurance by 14.71 percent, Reliable Nepal Life Insurance by 18.36 percent and Sun Nepal Life Insurance by 16.32 percent.
