Life insurance companies collect over NPR 18.50 billion in premiums

 

KATHMANDU, SEPTEMBER 9: In the first Nepali month of the current fiscal year, life insurance companies have collected insurance premiums amounting to NPR 18.53 billion. Of the total premiums collected, NPR 2.25 billion came from first-time insurance premiums, while NPR 15.73 billion was collected from policy renewals. Additionally, NPR 247.2 million was collected from the foreign employment term life insurance business.

Among the 14 life insurance companies, Nepal Life Insurance Company collected the highest amount, with NPR 5.71 billion in premiums. Out of this, NPR 646.6 million came from first-time premiums and NPR 5.05 billion from renewals. Additionally, the company collected NPR 13.3 million from the foreign employment term life insurance business.

National Life Insurance ranked second in terms of premium collection, amassing NPR 2.26 billion in premiums in the month of Shrawan (mid-July to mid-August) alone. Of this, NPR 413.4 million was from first-time premiums, while NPR 1.83 billion was from renewals. The company also collected NPR 19.5 million from foreign employment term life insurance.

Similarly, Life Insurance Corporation collected NPR 2.07 billion in premiums, of which NPR 200.2 million was from first-time premiums, and NPR 1.87 billion from renewals.

During the review month, Surya Jyoti Life Insurance Company conducted over NPR 1 billion in insurance business. According to the Insurance Authority's data, the company collected NPR 1.12 billion in premiums in a single month. Himalayan Life Insurance collected NPR 1.93 billion in premiums.

Microinsurance business collects NPR 170 Million in premiums

Life insurance companies collected NPR 169.5 million in premiums from microinsurance businesses during the review month of 2024/25. Of this, NPR 167.7 million was collected as first-time premiums in the month of Shrawan.

The Nepal Insurance Authority has granted licenses for three microinsurance companies, specifically targeting the microinsurance sector. In Shrawan, National Life Insurance successfully collected NPR 63.4 million from microinsurance business premiums.

Citizen Life Insurance Company collected NPR 38.5 million, and Surya Jyoti Life Insurance Company collected NPR 15.5 million in first-time premiums. Guardian Micro Life Insurance Company collected NPR 18.8 million, while Crest Micro Life Insurance Company collected NPR 12.9 million.

58,000 Foreign Employment Insurance policies issued

In the Shrawan month of 2024/25, life insurance companies issued 58,798 foreign employment insurance policies. According to the Nepal Insurance Authority, Sun Nepal Life Insurance Company issued 27,876 foreign employment term life insurance policies, Asian Life issued 12,437 policies, and National Life Insurance Company issued 4,720 policies.

A total of NPR 247.2 million was collected in premiums from foreign employment term life insurance. Currently, 2,104,947 insurance policies are active.