Compared to September/October, the life insurance company’s first insurance fee has fallen sharply in October/November
Kathmandu. New life insurance business in the month of October /November has faced a sharp decline. New life insurance business in October/November has decreased by 20.14 percent compared to September/October.
In the month of September/October, life insurance companies did 2.38 billion Rupees of new business, but in the month of October/November, it was limited to 1.90 billion rupees. Statistics have shown that the first premium fee earnings of life insurance companies are disappointing in October/November compared to September/October.
Insurance companies were closed as biggest festivals of Nepalese Community such as Dashai, Tihar and Chaath fell in the month of October/November. Because of this, the first insurance fee income of insurance companies has decreased in the month of October/November.
Compared to the month of September/October, among the life insurance companies, only the new business of National Life Insurance Company, Nepal Life and National Life has increased in the month of October/November.
According to the data published by the Insurance Authority, there has been a huge decline in the first insurance premiums of life insurance companies including SuryaJyoti Life. SuryaJyoti Life, which collected first insurance fee of Rs.180.7 million last September/October month, has done new business worth Rs.105.2 million in October/November month.
Nepal Life’s new insurance business increased by 2.39 percent from Rs.507.9 million to Rs.520.1 million. The second largest company, National Life, has also gained an increase of 0.12 percent in the first insurance fee in the month of October/November compared to the month of September/October.
The company’s first insurance fee income has increased from 350.8 million Rupees to 351.3 million Rupees.Similarly, the third largest company, LIC Nepal, has reduced its first insurance fee by 8.25 percent. The company earned 186.8 million Rupees first insurance fee in the month of September/October, but it was reduced to Rs.171.4 million Rupees in the month of October/November.
The published data shows that the new business of Citizen Life, Himalayan Life and IME Life decreased in the month of October/November compared to the month of September/October, 2023 A.D.
