Non-Life Insurance Sector Business Grows by 7.67% in Six Months
Kathmandu – According to the data released by Nepal Insurance Authority, Non-life insurance companies in Nepal recorded a total business of Rs 20.88 billion by the end of the Poush month in the current fiscal year, marking a 7.67% increase compared to the same period in the previous fiscal year.
Leading the market, Shikhar Insurance reported a 5.69% growth in business, earning Rs 2.59 billion in premiums. The company attributed its success to efficient senior management and a streamlined claims process that has bolstered customer confidence.
Following, Sagarmatha Lumbini Insurance saw an 8.80% growth, reaching a total premium income of Rs 2.55 billion. Meanwhile, Siddhartha Premier Insurance recorded an 8.39% increase, earning Rs 2.13 billion.
In terms of growth:
Source: Nepal Insurance Authority
Among the top performers in terms of growth, Nepal Insurance and The Oriental Insurance stood out. Nepal Insurance achieved a staggering 45% increase in business, reaching Rs 1.90 billion, while The Oriental Insurance saw an impressive 43% growth, earning Rs 1.34 billion.
Other notable performers include IGI Prudential Insurance, which recorded a 4.57% growth with Rs 1.73 billion in premiums, and Himalayan Everest Insurance, which grew by 2.44% to Rs 1.71 billion. Neco Insurance reported a 3.24% increase, generating Rs 1.66 billion, while NLG Insurance achieved a 12.28% growth with Rs 1.40 billion in premium income.
On the other hand, government-owned Rastriya Beema Company recorded a modest 2% growth, earning Rs 712 million. Sanima GIC Insurance experienced a 3.73% rise to Rs 1.19 billion. However, not all companies reported positive growth; United Ajod Insurance and Prabhu Insurance experienced declines of 7.86% and 6.80%, respectively, with the former earning Rs 1.2 billion and the latter Rs 903 million