Kathmandu. Insurance companies in the current financial year 2082. In the first five months of 2018, it had a business of Rs 99 billion.
As per the data released by the Nepal Insurance Authority (NEA), insurance companies have earned Rs 98.76 billion in insurance premiums till the end of the current fiscal year. Previous fiscal year 2081. Insurance companies have earned Rs 83.66 billion in insurance premiums till December 19, 2018. The business of insurance companies increased by 18.05 percent in the review period compared to the previous year.
Currently, there are 14 life insurance companies, 14 non-life, 3 light life and 4 micro non-life insurance companies operating in Nepal.
According to the statistics, life insurance companies have earned Rs 78.77 billion in insurance premiums till mid-December of the current fiscal year. It was 19.10 percent over the previous year. In the same period of the previous year, the life insurance companies had earned Rs 66.14 billion in total insurance premiums.
The company has collected Rs 18.81 billion in first life premium and Rs 59.95 billion in renewal insurance premium till mid-December of the current FY. In the same period of the previous year, the company had collected Rs 14.06 billion in first life premium and Rs 52.08 billion in renewal life premium. In the review period, the first insurance premium has increased by 33.77 percent and the renewal premium has increased by 15.13 percent.
In the review period, the number of active insurance policies of life insurance companies stood at 1,61,67,854. In the same period of the previous year, there were 1,38,34,877 active insurance policies. The number of insurance policies has increased by 16.83 percent.
Similarly, the non-life insurance companies have earned Rs 19.98 billion in insurance premiums in the review period. The company had earned Rs 17.51 billion in insurance premiums in the same period last year. In the review period, the business of non-life insurance companies increased by 14.10 percent compared to the previous year.
As of the review period, the number of life insurance policies (excluding short, short-term and foreign employment life insurance policies) stood at 58,97,702. It was 6.97 percent more than the same period last year. The number was 5,513,340 in the same period last year.
As of mid-December of the current fiscal year, the number of temporary and short term life insurance policies and the number of foreign employment insurance policies stands at 24,20,620. In the same period of the previous year, the number of temporary and short term life insurance policies and the number of foreign employment insurance policies were 2,311,390. The number of term and short term life insurance policies has increased by 30.52 percent and the number of foreign employment insurance policies by 4.73 percent compared to the previous year.
As of the review period, the number of people covered under insurance has increased to 49.76 percent. In the same period last year, 43.02 per cent of the population was covered by insurance.
