Despite the pandemic, the insurance companies have managed to increase their premium earnings significantly. All 19 life insurance companies have managed to increase their premium while out of 20 non-life insurance, 2 have decreased premium.
In comparison to the previous FY, the life insurance companies increased their premium by 28.15 percent to Rs 1.20 billion and the non-life insurance companies increased their premium by 16.76 percent to Rs 31.70 billion.
Nepal Life once again tops the life insurance list; New companies in moving ahead aggressively
Among life insurance companies, Nepal Life earned Rs 32.84 billion in total premium which is the highest. It is 27.15 percent of the total premium earning recorded by life insurance companies. It earned Rs 28.39 billion in premium in the previous FY.
In the meantime, it is notable that the new insurance companies are forwarding aggressively in the market.
Sanima Life Insurance logged the highest growth of 137.80 percent during the period. It earned Rs 1.95 billion in insurance premium which was Rs 820 million in the previous FY.
During the period, Rastriya Beema Sanstha logged a merely 5.11 percent increase in net premium. It increased its net premium to Rs 7.41 billion from Rs 7.05 billion.
Non-Life Insurance
Among the non-life insurance, Shikhar Insurance has once again topped the list with Rs 3.97 billion in premium earning.
During the period, Sanima General Insurance registered the highest growth of 85.71 percent in premium earning. It increased its premium earning to Rs 650 million from Rs 350 million.
