Shikhar Insurance marks its 20th anniversary

KATHMANDU, NOVEMBER 19 : Shikhar Insurance recently held a grand celebration to mark its 20th anniversary. During the event, the company recognized 11 employees who have dedicated over 20 years of service, awarding each a gold coin. Additionally, 34 employees who have worked with the company for more than 10 years received a 100-gram silver coin each. Every year, Shikhar Insurance honors long-serving employees with silver coins at its Anniversary Celebration programs, acknowledging their commitment.

"Over its two-decade history, Shikhar Insurance has achieved several significant milestones. Notably, it became the first insurance company in Nepal’s non-life insurance sector to collect premiums exceeding 500 million rupees, starting from an initial milestone of 100 million rupees," states a press release issued by the company.

Shikar now holds an approximate 14 percent market share in insurance premiums and has paid claims amounting to over 20 billion rupees. Shikhar Insurance has processed over 100,000 claims and distributed 295 percent in dividends in 20 years.

 According to the release, Shikhar became the first insurance company to achieve a paid-up capital of 2.5 billion rupees without any mergers. It also, as claimed, pioneered the expansion of a robust network, establishing over 100 branches and developing more than 600 skilled professionals in the insurance sector.

Throughout these 20 years, Shikhar Insurance has been recognized as Nepal’s Best Managed Insurance Company and Best Insurance Company on six occasions. The company has also received the Corporate Excellence Award for Human Resource Development and accolades from the Internal Revenue Department for being the highest taxpayer in the insurance sector.

Additionally, the company was awarded by the Government of Nepal for its outstanding performance in agricultural and crop insurance claim payments and was honored by the Nepal Reinsurance Company for providing the most profitable reinsurance.