Non-Life Insurance Business Grows by 10.74%, Salico Leads in Premium Earnings
Kathmandu – The non-life insurance sector in Nepal witnessed a growth of 10.74% in total premium income during the first four months of the current fiscal year, earning Rs 14.97 billion by mid-November. This marks a significant increase from Rs 12.73 billion during the same period in the previous fiscal year, according to data released by the Nepal Insurance Authority.
Sagarmatha Lumbini Insurance (Salico) emerged as the top performer, collecting the highest premium income of Rs 1.77 billion, a growth of 10.68% compared to the previous fiscal year. Siddhartha Premier Insurance secured second place with Rs 1.46 billion, reflecting a 9.66% increase, followed by Shikhar Insurance at Rs 1.41 billion, up by 10.73%.
Other companies also demonstrated steady growth. Neco Insurance recorded an 8.81% increase, reaching Rs 1.15 billion, while Himalayan Everest Insurance grew by 1.43% to Rs 1.14 billion. IGI Prudential Insurance saw a 3.76% rise, collecting Rs 1.13 billion, and NLG Insurance recorded a 12.64% growth, with Rs 941 million in premium income.
Top Performers in Growth Rate
In terms of growth percentage, Nepal Insurance led the sector with a staggering 58.58% increase in premium income compared to the same period last year. The Oriental Insurance followed closely with a 57.43% growth rate, while National Insurance and NLG Insurance recorded growth rates of 13.58% and 12.64%, respectively.
