Motor insurance covers 32% of Non-life insurance business
Kathmandu : Non- life Insurance Companies have earned a total insurance premium of 22 billion 462 million 800 thousand Rupees in 7 months of the current fiscal year 2023/024 A.D, (2079/80). Motor insurance covers a large portion of the earnings of non-life insurance companies.
According to the data of Nepal Insurance Authority, Non-life insurance companies have earned 7 billion 296.9 million Rupees in Insurance premiums from motor insurance till Mid of February 2024 A.D, the end of Magh, Month of (2080 B.S). This is 32.48 percent of the total insurance premiums collected by Non-life insurance companies.
Data shows that after motor insurance, non-life insurance companies earn the highest premium from property insurance. Through property insurance it has earned insurance premiums worth 5 billion 508.9 million Rupees. This will be 24.52 percent of the total premium earned by non-life insurance companies. Engineering insurance also has a contribution of 14.25% i.e. 3 billion 202.8 million Rupees.
Similarly, Miscellaneous insurance contributed 11.91 percent, Airway Insurance 6.26 percent, Marine insurance 2.26 percent and Agriculture and Crop insurance covers 4.91 percent of the total Insurance Premiums collected by Non-life Insurance.
Micro Insurance has the lowest contribution of only 0.36 percent. During this period, non-life insurance companies have earned only 82.3 million Rupees in total insurance premiums from micro insurance.
Similarly, according to the data of the Insurance Authority of non-life insurance business, it has earned 14 billion 731.5 million Rupees of insurance premium from Bagmati province alone. This is 65.58 percent of the total premiums collected by non-life insurance companies.
Similarly, 9.31 percent from Lumbini province i.e. 2 billion 91.7 million Rupees, 8.87 percent from Koshi province i.e. 1 billion 993.7 million Rupees, 6.77 percent from Madesh Province i.e. 1 billion 521.8 million Rupees, 5.75 percent from Gandaki province i.e. 1 billion 292.3 million Rupees, 2.70 percent from Sudurpashim Province i.e. 60 million 69 million Rupees and 0.99 percent from Karnali province i.e. 224.5 million Rupees.