Non-Life Insurance Companies Record 18.57% Growth in Month of Kartik

Kathmandu – Non-life insurance companies in Nepal earned a total insurance premium of Rs 2.28 billion in mid-October to mid-November (Kartik), marking an 18.57% increase compared to the same month in the last fiscal year. According to the financial statements released by the Nepal Insurance Authority, the total premium during the same period last year stood at Rs 2.70 billion.

Sagarmatha Lumbini Insurance emerged as the top performer, generating Rs 340.4 million in premium income, an 18.34% increase from the previous year. Siddhartha Insurance followed, earning Rs 290.6 million, reflecting a growth of 8.35%. Shikhar Insurance recorded Rs 290.2 million in premiums, a substantial 24.95% rise compared to last year.

Other notable performers include Neco Insurance, with a 16.49% growth to Rs 255.1 million, and Himalayan Everest Insurance, which saw a 24.70% increase to Rs 231 million. IGI Prudential Insurance reported a slight growth of 0.77%, earning Rs 233.9 million.

Sanima GIC Insurance registered the highest growth rate, with a 62.25% increase to Rs 190.3 million. NLG Insurance also posted significant growth, earning Rs 189.7 million, up by 18.06%.

Nepal Insurance saw a 42.46% surge in premium income, reaching Rs 172.3 million, while Oriental Insurance’s business grew by 42.22% to Rs 90.9 million. National Insurance recorded a 21% growth, earning Rs 72.7 million, Prabhu Insurance achieved a 7.18% increase with Rs 150.3 million and Rastriya Beema Company with 41.0 million with 33% growth in premiums.

Among all companies, United Ajod Insurance was the only one to experience a decline in business during the month.