Kathmandu. Current Fiscal Year 2083. Insurance companies have brought in business of over Rs 51.25 billion till the second month of August 2018.
According to the Insurance Reflection released by the Nepal Insurance Authority, 14 life, 14 non-life, 3 light life and 4 micro non-life insurance companies have collected a total insurance premium of Rs 51.26 billion till August of the current financial year. In the previous fiscal year 2082. As of August 83, the companies had collected a total premium of Rs 44.28 billion. The company’s business has increased by 15.78 percent in the review period compared to the previous year.
According to the data, life insurance companies have earned a total insurance premium of Rs 41.29 billion till August of the current financial year. This is an increase of 14.73 percent compared to the previous year. By August last year, life insurance companies had earned a total insurance premium of Rs 35.99 billion.
Life companies have collected Rs 8.69 billion in first life premium and Rs 32.59 billion in renewal life premiums till August of the current financial year. In the previous year, the companies had collected Rs 7.26 billion in first life premiums and Rs 28.72 billion in renewal life premiums till August of the previous year. The first insurance premium and renewal premium increased by 19.60 percent and 13.50 percent respectively in the review period compared to the previous year.
Similarly, non-life insurance companies have earned a total insurance premium of Rs 9.97 billion till August of the current financial year. In the previous year, the companies had earned a total insurance premium of Rs 8.29 billion. The business of non-life insurance companies increased by 20.31 percent in the review period compared to the previous year.
The total number of life insurance policies issued till August of the current fiscal year is 15,75,069 and the total number of non-life insurance policies issued is 5,32,047. The total number of life insurance policies issued till August of the previous year was 11,98,643 and the total number of non-life insurance policies issued was 4,90,307. The total number of life insurance policies issued during the review period increased by 31.40 percent and the total number of non-life insurance policies issued by 8.51 percent compared to the previous year.
