Insurance business crosses Rs 51 billion in just two months, non-life insurers outpace life growth
By the end of Bhadra in the current fiscal year 2083/84, insurance companies collected a total premium of Rs 51.26 billion, up 15.78 percent compared to the previous year. While life insurers' business grew by 14.73 percent, non-life insurers' business rose by 20.31 percent.
Kathmandu. By the second month of the current fiscal year 2083/84, i.e., Bhadra, insurance companies have collected a total premium of Rs 51.26 billion. According to the Insurance Reflection published by the Nepal Insurance Authority, 14 life, 14 non-life, 3 micro-life, and 4 micro non-life insurance companies have brought in this business.
By Bhadra of the previous fiscal year 2082/83, companies had collected a total premium of Rs 44.28 billion. Compared to the previous year, the companies' business increased by 15.78 percent during the review period.
According to the data, life insurance companies earned a total premium of Rs 41.29 billion by Bhadra of the current fiscal year. This is 14.73 percent higher than the previous year. By Bhadra of the previous year, life insurance companies had earned a total premium of Rs 35.99 billion.
By Bhadra of the current fiscal year, life companies collected Rs 8.69 billion in first-year life insurance premiums and Rs 32.59 billion in renewal life insurance premiums. By Bhadra of the previous year, companies had collected Rs 7.26 billion in first-year life insurance premiums and Rs 28.72 billion in renewal life insurance premiums. Compared to the previous year, during the review period, first-year premiums increased by 19.60 percent and renewal premiums by 13.50 percent.
Similarly, by Bhadra of the current fiscal year, non-life insurance companies earned a total premium of Rs 9.97 billion. By Bhadra of the previous year, companies had earned a total premium of Rs 8.29 billion. Compared to the previous year, during the review period, the business of non-life insurance companies increased by 20.31 percent.
By Bhadra of the current fiscal year, the total number of life insurance policies issued stands at 1,575,069 and the total number of non-life insurance policies issued at 532,047. By Bhadra of the previous year, the total number of life insurance policies issued was 1,198,643 and the total number of non-life insurance policies issued was 490,307. Compared to the previous year, during the review period, the total number of life insurance policies issued increased by 31.40 percent and the total number of non-life insurance policies issued by 8.51 percent.