Life Insurance subscriptions down, non-life insurance up"

KATHMANDU, AUGUST 9: The sales figure of life insurance policies has decreased. Compared to the previous fiscal year,  the figure decreased by 1.81 per cent last year. 

According to the Nepal Insurance Authority, life insurance companies sold 14,137,321 policies in 2022/23. However, in 2023/24, they sold 13,881,492 policies. This is a decrease of 255,829 compared to the previous year.

The sales volume of term and short-term life insurance policies also decreased. In the previous fiscal year, 6,809,937 policies were sold, but in the last year, only 5,982,726 policies were sold. This represents a 12.15 per cent decrease. 

On the other hand, the number of non-life insurance policies has increased by 3.91 percent. Non-life insurance companies sold 2,901,640 policies in the past year. In the previous fiscal year, 2,792,516 policies were sold.