How Nepal Life and Shikhar Insurance Leaves Behind  Others?

Jul 22, 2019 03:35 PM Merolagani

As per the data of insurance premium earning submitted to Insurance Board (IB), life insurance company, Nepal Life and general insurance company, Shikhar Insurance has left other insurance companies behind while few companies are still in struggle phase in the domestic insurance sector.

In the life insurance category, 19 companies earned a total of 76 billion in insurance premium where Nepal Life solely earned Rs 22 billion. Similarly, in the non-life insurance category, 20 companies earned a total of 25 billion in net insurance premium in which Shikhar Insurance solely earned Rs 3.52 billion.

As per the details submitted by insurance companies to Insurance Board, life insurance companies earned Rs 29.26 billion in first insurance premium and Rs 39.59 billion in a renewal of insurance policies.

As per the data of IB, Nepal Life Insurance earned Rs 22.86 billion in net insurance premium including Rs 9.01 billion in first insurance premium while Rs 13.85 billion in renewal of insurance policies. 

Similarly, LIC Nepal earned Rs 13.64 billion in net insurance premium including  Rs 4.49 billion in first insurance premium and Rs 9.15 in renewal of insurance policies.

Among the life insurance companies operating in Nepal, newbie Union Life Insurance announced its arrival through earning whooping Rs 2.72 billion in insurance premium. Union Life surpassed the net insurance premium of old players Surya Life and Gurans Life.

Meanwhile, the youngest among the companies, Mahalaxmi Life earned merely Rs 200 million in insurance premium according to the data.

Shikhar Insurance Leads in General Insurance Category

In the general insurance category, Shikhar Insurance earned the highest insurance premium of Rs 3.51 billion.

Similarly, Sagarmatha Insurance earned Rs 2.17 billion while Sanima General Insurance earned the lowest Rs 195.8 million.

According to the data of IB, the non-life insurance companies earned Rs 25.70 billion in total insurance premium.

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