Non-Life Insurance Business Reaches Rs 28.02 Billion, Up by 7.12 Percent

Kathmandu – Non-life insurance companies in Nepal have recorded a total business of Rs 28.02 billion in the first eight months of the current fiscal year 2081/082, reflecting a 7.12 percent increase compared to the same period last year. According to the data released by the Nepal Insurance Authority, 14 non-life insurance companies had earned a total of Rs 26.16 billion during the same period of the previous fiscal year.

Shikhar Insurance led the market with a total premium income of Rs 4.01 billion, marking a 7.94 percent rise from Rs 3.71 billion in the previous fiscal year. Sagarmatha Lumbini Insurance secured the second position with a business of Rs 3.32 billion, up by 9.24 percent. Siddhartha Premier Insurance followed closely, earning Rs 2.75 billion, which is a 7.53 percent increase from the previous year.

IGI Prudential Insurance reported a 3.20 percent rise in total premium income to Rs 2.37 billion, while Himalayan Everest Insurance’s business increased by 5.81 percent to Rs 2.21 billion. Neco Insurance also posted a 3.57 percent increase, generating Rs 2.19 billion in premium income.

NLG Insurance showed notable growth with a 14.71 percent increase, earning Rs 1.85 billion. The Oriental Insurance posted the highest growth rate among non-life insurers, with a 44.07 percent rise in business to Rs 1.70 billion. Sanima GIC Insurance’s business grew modestly by 0.62 percent to Rs 1.57 billion.

However, the business of three non-life insurance companies declined during this period. The government-owned Rastriya Beema Company reported a 13.32 percent drop in premium income, earning Rs 1.09 billion.