Almost 65% business of Non-life Insurance Company is solely covered by Bagmati province

Kathmandu : Non-life insurance companies are performing their operation in all the seven provinces of Nepal however the highest percent, which is almost 65% of total business is seen only in Bagmati Province.

The 14 non-life insurance companies operating in Nepal has collected total insurance fee and made business of 26 billion 260 million Rupees by the month of Falgun of the current financial year 2080.81. The data shows that more than 65 percent of the business of non-life insurance companies is in Bagmati province. By the month of Falgun, the companies have managed to earn the insurance fee from property, marine, air, motor, engineering, miscellaneous, micro, agricultural and crop insurance articles.

According to the province-wise details of insurance income published by the Insurance Authority, the highest amount of insurance income has been collected from Bagmati province. By the month of Falgun, insurance companies have sold various insurance policies from this province and have done business worth 17 billion 252 million Rupees. According to the published data,

Bagmati province has more insurance income as it is federal capital of the country and the population is more than all other provinces, also it has developed as a commercial center.

Along with, Lumbini province is at the second number in articles of insurance fee collection. By the month of Falgun, insurance companies have managed to collect premium fees worth 2 billion 402.4 million Rupees from Lumbini province.

Similarly, insurance companies have earned 2 billion 325.1 million Rupees of Koshi province and 1 billion 752 million Rupees of Madhesh province in the month of Falgun.

Similarly, in the month of Falgun, 1 billion 484.4 million Rupees of premium fees have been collected from Gandaki province, 361 million Rupees of Karnali province and 692.2 million Rupees from Sudurpaschim province.

Non-life insurance companies have collected the lowest insurance fee from Karnali province. The published data shows that the insurance business has declined due to long distance from the federal capital, lack of education and public awareness regarding insurance, in comparison with other provinces.