Insurance business exceeds Rs 32 billion in Shrawan, life insurers grow 32.97 percent
In the first month of the current fiscal year 2083/84, insurance companies collected a total premium of Rs 32 billion 2 million 35 lakh, up 31.15 percent compared to the same period last year. While life insurers' business grew 32.97 percent and non-life insurers' business grew 22.85 percent, the number of term and foreign employment life insurance policies declined.
Kathmandu. In Shrawan, the first month of the current fiscal year 2083/84, insurance companies have brought in total premium business worth Rs 32 billion 2 million 35 lakh. 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 conducted this business.
In Shrawan of the previous fiscal year 2082/83, companies had collected a total premium of Rs 24 billion 41 million 71 lakh. Compared to the previous year, total business increased by 31.15 percent during the review period.
Performance of Life Insurance Companies
In Shrawan of the current fiscal year, life insurance companies earned a total premium of Rs 26 billion 62 million 20 lakh. This is 32.97 percent higher than the previous year. In Shrawan of the previous year, life insurers had earned a total premium of Rs 20 billion 2 million 3 lakh.
Breaking down the life insurance premium structure:
- First-year life insurance premium: Rs 4 billion 89 million 52 lakh in Shrawan of the current FY (previous year Rs 3 billion 63 million 28 lakh, 34.75 percent growth)
- Renewal life insurance premium: Rs 21 billion 72 million 67 lakh in Shrawan of the current FY (previous year Rs 16 billion 38 million 75 lakh, 32.58 percent growth)
Performance of Non-Life Insurance Companies
In Shrawan of the current fiscal year, non-life insurance companies earned a total premium of Rs 5 billion 40 million 15 lakh. In Shrawan of the previous year, this amount was Rs 4 billion 39 million 67 lakh. Compared to the previous year, non-life insurers' business increased by 22.85 percent.
Mixed Trends in Policy Numbers
In Shrawan of the current fiscal year, the number of life insurance policies (excluding term, micro-term, and foreign employment life insurance) reached 5 million 994 thousand 953, which is 4.39 percent higher than the same period last year. In Shrawan of the previous year, this number was 5 million 742 thousand 735.
However, the number of term, micro-term, and foreign employment insurance policies has declined:
- Term and micro-term life insurance policies: 6 million 301 thousand 875 in Shrawan of the current FY (previous year 7 million 524 thousand 394, 16.25 percent decline)
- Foreign employment insurance policies: 1 million 943 thousand 693 in Shrawan of the current FY (previous year 2 million 619 thousand 236, 25.79 percent decline)
As of Shrawan of the current fiscal year, the total number of issued life insurance policies stands at 741 thousand 521 and the total number of issued non-life insurance policies stands at 254 thousand 607.