Kathmandu. Life insurers have aggressively increased their new business. The current fiscal year 2082 released by the Insurance Authority of Nepal. This is what the data for the third quarter (July-March) of 83 is shown.
According to the data, the 14 life insurance companies that are currently in operation have collected Rs 31.87 billion in first insurance premiums (new business) till April of the current year. In the previous year, 2081. The companies had collected Rs 24.40 billion in first insurance premiums till April 2018. The new business of insurers increased by 30.61 percent during the review period compared to the previous year.
During the review period, Nepal Life Insurance was the top importer of new business, while IME Life was ahead in terms of growth rate. The new business of all 14 companies increased.
Nepal Life has collected Rs 8.30 billion in first insurance premiums till April of the current year. In the same period last year, the company had collected Rs 5.99 billion in first insurance premiums. The company’s new business increased by 38.43 percent in the review period compared to the previous year.
National Life is in second place. The company collected Rs 4.51 billion in first insurance premiums during the review period. The company’s new business grew by 23.16 percent during the review period compared to the same period last year. The company had collected Rs 3.66 billion in first insurance premiums till April last year.
Life Insurance Corporation Nepal (LIC Nepal) is the third company to bring in more new business. The company had collected Rs 1.89 billion in first insurance premiums till April last year, which increased by 30.68 percent to Rs 2.47 billion in the review period.
Similarly, Surya Jyoti Life earned Rs 2.20 billion, Citizen Life Rs 1.95 billion, Himalayan Life Rs 1.76 billion and Asian Life earned Rs 1.75 billion during the review period. Surya Jyoti Life registered a new business of 21.39 percent, Citizen Life 43.82 percent, Himalayan Life 0.74 percent and Asian Life 40.26 percent during the review period.
Likewise, IME Life Insurance has collected Rs 1.75 billion in insurance premiums, Sanima Life Insurance Rs 1.47 billion, Reliable Nepal Life Insurance Rs 1.46 billion, Prabhu Mahalaxmi Life Insurance Rs 1.22 billion, Mate Life Insurance Rs 1.16 billion, Rastriya Life Insurance Rs 993.30 million and Sun Nepal Life Insurance Rs 83.81 million. In the review period, IME Life Insurance collected 87.96 percent new business, Sanima Reliance Life Insurance 23.47 percent, Reliable Nepal Life Insurance 43.57 percent, Prabhu Mahalaxmi Life 27.30 percent, Mate Life 18.04 percent, Rastriya Life Insurance 15.36 percent and Sun Nepal Life Insurance increased by 16.02 percent.
