Kathmandu. Current fiscal year 2082. In the second quarter of 2018, life insurance companies have collected around Rs 73 billion in insurance premiums by renewing policies.
According to the data made public by Nepal Insurance Authority, 14 life insurance companies have earned Rs 72.73 billion in renewal insurance premium till mid-January of the current fiscal year. Previous fiscal year 2081. Insurance companies had earned Rs 63.38 billion in renewal premiums till January 19, 2018. The renewal premium has increased by 14.75 percent in the review period compared to the previous year.
Compared to the previous year, the renewal premium collection of all companies has increased till January of the current year. KATHMANDU: Nepal Life Insurance Company (NLIC) has been leading in terms of growth rate while collecting the highest renewal premium.
KATHMANDU: Nepal Life Insurance has collected Rs 19.52 billion in renewal premium till mid-January of the current fiscal year. The company had collected Rs 18.36 billion in the previous year. Compared to the previous year, the company’s premium collection increased by 6.29 percent.
Life Insurance Corporation of Nepal (LIC) is the second highest premium collection for renewal. The company has collected Rs 8.54 billion in renewal insurance premiums till mid-January. The company had collected Rs 8.12 billion in renewal premium in the same period last year. The company’s renewal premium has increased by 5.10 percent compared to the previous year.
The third is National Life. In the review period, the company collected Rs 8.26 billion in renewal premium from Rs 7.15 billion in the previous year.
Similarly, Himalayan Life Insurance has collected Rs 7.45 billion in renewal premium till mid-January. The company had collected Rs 7.05 billion in the same period last year. The company’s renewal premium has increased by 5.65 percent compared to the previous year.
Nepal Life Insurance has collected Rs 2.1 billion in renewal premium, followed by Surya Jyoti Life Insurance Rs 4.22 billion, Asian Life Insurance Rs 2.5 billion, Citizen Life Insurance Rs 2.74 billion and Reliance Life Insurance Rs 2.63 billion. In the review period, the renewal premium of Rastriya Life Insurance Company increased by 154.03 percent, Surya Jyoti Life Insurance by 12.63 percent, Asian Life Insurance by 6.48 percent, Citizen Life Insurance by 15.19 percent and Sanima Reliance Life by 11.03 percent.
Likewise, Prabhu Life Insurance has collected Rs 2.48 billion in renewal insurance premiums, Prabhu Life Insurance Rs 1.99 billion, IME Life Insurance Rs 2.8 billion, Reliable Nepal Life Insurance Rs 2.1 billion, Prabhu Life Insurance Rs 1.99 billion, and Sun Nepal Life Insurance Rs 1.56 billion. In the review period, Reliable Nepal Life Insurance increased by 10.86 percent, IME Life Insurance by 22.50 percent, Reliable Nepal Life Insurance by 21.61 percent, Prabhu Mahalaxmi Life Insurance by 14.58 percent and Sun Nepal Life Insurance by 20.31 percent.
