Kathmandu. Non-life insurers have been able to do business of more than Rs 9.83 billion in the current fiscal year 2083. As of the second month of 2018-18, it has been able to do business of more than Rs 9.83 billion.
According to the data released by the Insurance Authority of Nepal (NIA) today, 14 non-life insurers have issued 4,82,627 insurance policies and earned a total premium of Rs 9.83 billion. In the previous fiscal year 2082. In 83, the companies issued 4,32,069 insurance policies and earned a total premium of Rs 8.12 billion. The business of the companies increased by 20.97 percent during the review period compared to the previous year.
Compared to the previous year, the business of 13 insurers has increased till August this year, while one has decreased. Sagarmatha Lumbini Insurance is at the top in terms of bringing the most business, while NLG Insurance is ahead in terms of business growth.
Sagarmatha Lumbini Insurance has earned a total premium of Rs 1.09 billion during the review period. The company had earned a total premium of Rs 89.44 crore in the same period last year. The company’s business has increased by 22.43 percent during the review period compared to the previous year.
Shikhar Insurance has become the second largest business insurer. The company has earned a total insurance premium of Rs 1.04 billion till August of the current financial year. The company had earned a total insurance premium of Rs 84.82 crore till August last year. The company’s business increased by 23.01 percent compared to the previous year.
Similarly, NLG Insurance is the third largest businessholder. The company has earned a total insurance premium of Rs 97.17 crore till August of the current year. By August of the previous year, the company had earned a total insurance premium of Rs 68.75 crore. The company’s business has increased by 41.35 percent during the review period compared to the previous year. This is the highest growth in the business of non-life insurance companies.
Similarly, Himalayan Everest Insurance has collected Rs 96.17 crore, Siddhartha Premier Insurance Rs 89.52 crore, IGI Prudential Insurance Rs 82.52 crore, Oriental Insurance Rs 74.06 crore and Neco Insurance Rs 70.69 crore. Himalayan Everest Insurance has increased by 35.12 percent, Siddhartha Premier Insurance by 15.77 percent, IGI Prudential Insurance by 31.17 percent, Oriental Insurance by 24.45 percent and Neco Insurance by 21.86 percent.
United Ajod Insurance has collected Rs 61.72 crore and Nepal Insurance has collected Rs 43.27 crore in total insurance premiums till August of the current fiscal year. Compared to the previous year, the business of United Ajod Insurance increased by 7.39 percent and that of Nepal Insurance by 17.51 percent.
Similarly, Sanima GIC Insurance collected Rs 42.26 crore, National Insurance Rs 41.15 crore, Rastriya Beema Rs 36.30 crore and Prabhu Insurance Rs 34.49 crore. In the review period, Sanima GIC Insurance reported a decline of 14.38 per cent, followed by National Insurance by 17.51 per cent, National Insurance by 21.79 per cent and Prabhu Insurance by 6.17 per cent.
