Non-Life Insurance Sector Grows, Reaches Rs 35 Billion in Premiums

Kathmandu — Nepal’s non-life insurance industry has witnessed a 6.763 percent growth in business compared to the same period last fiscal year.

According to data released by the Nepal Insurance Authority, the total insurance premium collected by non-life insurers in the first 10 months of the current fiscal year has reached Rs 35 billion. During the same period last fiscal year, the insurance business stood at Rs 32.87 billion.

However, not all companies experienced positive growth. The insurance business of four companies declined during the review period. National Insurance Company recorded the sharpest drop, with a 13.161 percent decline compared to the previous year. United Ajod Insurance saw a 3.841 percent decrease, while National Insurance and Prabhu Insurance reported declines of 1.475 percent and 0.652 percent respectively.

On the other hand, Oriental Insurance Company led in terms of business growth, expanding its insurance portfolio by an impressive 37.107 percent. Nepal Insurance followed, recording a 34.141 percent rise in its insurance business.