Life Insurance Companies Collected about 450 Million Insurance Fees through Foreign Employment Insurance
Kathmandu : Life insurance companies operating in Nepal has earned around Rs.448.2 Million total insurance fee through foreign employment insurance by the mid of September, 2023 A.D. According to the financial statement released by the Nepal Insurance Authority for the mid of September (Mid of september), the companies sold 1 Million 704 thousand and 73 insurance policies and earned those insurance fee.
Sun Nepal Life has managed to earn the most insurance fees from foreign employment insurance until the mid of September. During this period, the company has sold 745 thousand 189 insurance policies and earned a total of 105 million rupees in insurance fee.
According to the financial statement, Nepal Life is in the second place in terms of foreign employment. The company has sold 258 thousand 765 insurance policies till the mid of September and earned a total insurance fee of Rs.94.9 million.
Similarly, IME Life has ranked third. According to the published financial statement the company has sold 124 thousand 844 foreign insurance policies and earned a total of Rs.61.2 million. National Life has sold 41 thousand 556 foreign insurance policies and earned a total of Rs.35.2 million insurance fee.
In addition to this, by the mid of September, Asian Life has earned Rs.27 million, Suryajyoti Life Rs.37.2 million, Reliable Nepal Life Rs.34.2 million, Sanima Reliance Life has earned Rs 20.091 million from term insurance policies taken by people who have gone abroad for employment. Citizen Life has earned 22.4 million rupees and Prabhu Mahalakshmi Life has earned an insurance fee equal to 700 thousand rupees from foreign insurance policies.
Currently, only 10 life insurance companies are selling foreign employment insurance. Earlier, only Sun Nepal Life Insurance Company was selling the insurance policy, with the mandatory provision of insurance for Nepalese who have gone for foreign employment, due to this now other companies are also providing insurance services through this insurance policy.