Nepal’s Non-Life Insurers Report 9% Growth in Premiums as Market Expands

Kathmandu – Nepal’s 14 non-life insurance companies collectively reported a 9% increase in total premium earnings period of this F/Y first three months compared to the same period last fiscal year. Total non-life insurance premium increased from 10.44 billion to 11.38 billion in the period of mid-July to Oct 2024.

The market’s steady growth reflects strong performance across leading insurers, with significant contributions from key players such as Sagarmatha Lumbini Insurance, Siddhartha Premier Insurance, and Shikhar Insurance.

Sagarmatha Lumbini Insurance led the market in premium earnings, achieving Rs. 1.43 billion, an increase of 9% from the previous year. Siddhartha Premier Insurance followed, with premiums totaling Rs. 1.17 billion, a 9.99% year-on-year growth.

Shikhar Insurance saw its premiums rise by 7.56% to Rs. 1.12 billion, driven by its emphasis on insurance claim management. Other notable contributors included Himalayan Everest, which earned Rs. 918 million, IGI Prudential with Rs. 900 million, and Neco Insurance at Rs. 897 million. The Oriental Insurance and NLG Insurance also saw substantial premiums at Rs. 837 million and Rs. 752 million, respectively.

In terms of growth rate, Nepal Insurance led with an impressive 63% increase, boosting its business from Rs. 375 million to Rs. 614 million. The Oriental Insurance followed closely with a 56% rise in total premiums, establishing itself as a key player in market growth.