Non-Life Insurers' Business Up 21%, NLG Insurance Tops Growth
As of Bhadra of the current fiscal year 2083/84, 14 non-life insurers have earned a total premium of Rs 9.83 billion, up 20.97% compared to the same period last year. Sagarmatha Lumbini Insurance leads in total business, while NLG Insurance is the fastest-growing company with a 41.35% increase.
Kathmandu. According to the latest data published by the Nepal Insurance Authority (insurance regulator), 14 non-life insurers have earned a total premium of Rs 9.83 billion (9 arba 83 crore 25 lakh) up to the second month of the current fiscal year 2083/84 (Bhadra). This is an increase of 20.97% compared to the same period of the previous fiscal year 2082/83.
In the same period last year, companies had earned a total premium of Rs 8.12 billion (8 arba 12 crore 81 lakh). The number of policies issued during the review period also increased from 432,069 to 482,627.
In terms of business growth, 13 companies have seen an increase while one has decreased. Sagarmatha Lumbini Insurance is the top earner, while NLG Insurance is the fastest-growing company.
Performance of Top Companies:
- Sagarmatha Lumbini Insurance: Total premium Rs 1.095 billion (previous year Rs 894.4 million), growth 22.43%.
- Shikhar Insurance: Total premium Rs 1.0434 billion (previous year Rs 848.2 million), growth 23.01%.
- NLG Insurance: Total premium Rs 971.7 million (previous year Rs 687.5 million), growth 41.35% – the highest growth.
- Himalayan Everest Insurance: Total premium Rs 961.7 million, growth 35.12%.
- Siddhartha Premier Insurance: Total premium Rs 895.2 million, growth 15.77%.
- IGI Prudential Insurance: Total premium Rs 825.2 million, growth 31.17%.
- Oriental Insurance: Total premium Rs 740.6 million, growth 24.45%.
- Neco Insurance: Total premium Rs 706.9 million, growth 21.86%.
- United Ajod Insurance: Total premium Rs 617.2 million, growth 7.39%.
- Nepal Insurance: Total premium Rs 432.7 million, growth 17.51%.
- Sanima GIC Insurance: Total premium Rs 422.6 million, decline 14.38% (the only company to decline).
- National Insurance: Total premium Rs 411.5 million, growth 17.51%.
- Rastriya Beema Company: Total premium Rs 363.0 million, growth 21.79%.
- Prabhu Insurance: Total premium Rs 344.9 million, growth 6.17%.
Overall, the non-life insurance sector has shown strong growth in the first two months of the current fiscal year, with NLG Insurance's exceptional performance being a major contributor.