Nepal’s Non-Life Sector Sees 9.27% Growth with 17.17 Billion In Premiums

Kathmandu – Non-life insurance companies in Nepal reported a total premium income of Rs 17.17 billion during the first five months of the current fiscal year, marking a 9.27 percent increase compared to Rs 15.72 billion in the same period last year. .

Sagarmatha Lumbini Insurance and Siddhartha Premier Insurance emerged as the top performers, earning the highest premiums during this period. In particular, The Oriental Insurance, Nepal Insurance, and NLG Insurance saw impressive growth in their premium incomes compared to the previous fiscal year. The Oriental Insurance experienced a significant 54.98 percent increase, reaching Rs 1.12 billion, while Nepal Insurance grew by 52.57 percent, earning Rs 944.6 million. NLG Insurance reported a more modest 11.23 percent rise, with its total premium income standing at Rs 1.1 billion.

Other notable performers included Shikhar Insurance, which achieved a 10.45 percent increase in premiums, totaling Rs 1.74 billion, and Sagarmatha Lumbini Insurance, which grew by 10 percent to Rs 2.19 billion. Rastriya Beema Company, the government-owned company, reported a 7.19 percent growth, earning Rs 671.1 million.

Additionally, Siddhartha Premier Insurance saw a 7.06 percent increase in premium income, while National Insurance grew by 6.16 percent, IGI Prudential by 5.36 percent, Neco Insurance by 5.31 percent, Sanima General Insurance by 2.98 percent, and Himalayan Everest Insurance by 0.40 percent.

However, United Ajod Insurance and Prabhu Insurance reported slight declines in their premium income during this period.