Insurance companies in Nepal are competing to increase their premium collections, the amount of money they receive from policyholders. During the first ten months of the fiscal year 2079/80, life insurance companies collected a total of Rs. 1.14 Kharba in premiums from their 1.38 crore active insurance policies.
A report from the Nepal Insurance Authority revealed that Nepal Life Insurance Company Limited collected the highest premium amount of Rs. 29.65 Arba. They had 1,035,214 active insurance policies as of Baisakh 2080.
On the other hand, Himalayan Life Insurance Limited collected the lowest premium amount of Rs. 15.11 Crores due to having only 595 active insurance policies. Himalayan Life Insurance was formed after merging Prime Life Insurance, Gurans Life Insurance, and Union Life Insurance, which is the largest merger in Nepal’s insurance sector.
In another development, Sanima Life Insurance Company Limited and Reliance Life Insurance Company Limited completed their merger process with a swap ratio of 1:1. They have now combined to form ‘Sanima Reliance Life Insurance Company Limited’ since Chaitra 09.
Among the insurance companies, Reliable Nepal Life Insurance Co. Ltd. has the highest number of active insurance policies, with 34,77,018 clients as of Baisakh 79/80. However, their premium collection amounted to only Rs. 3 Arba.
Highlights:
- Till the eighth month of FY 79/80, life insurance companies collected an impressive premium of Rs. 93.75 Arba.
- The deadline for life and non-life insurance companies to raise capital to Rs 5 billion has passed.
- National Life Insurance’s net profit increases by an astounding 57.70%.
- Life Insurance Companies in Nepal Achieve Remarkable Premium Collection of Rs. 61.75 Arba in the First Five Months of FY 2080/81
- “Intense Competition Propels Life Insurers to Collect Rs. 1.42 Kharba in Premiums Until Ashad”