Life Insurance Premium Collection Reaches Rs 140.35 Billion, Bagmati Province Leads

Kathmandu — Life insurance companies in Nepal have collected a total of Rs 140.35 billion in premiums from various policy types by end of Baisakh (mid-May) of the current fiscal year. The collection comes from the sale of all life insurance policies.

Currently, 17 companies are operating in Nepal’s life insurance sector, including 14 full-fledged life insurance companies and 3 categorized as micro life insurers.

Among the seven provinces, Bagmati Province has emerged as the top contributor to this premium collection, with Rs 62.58 billion 51 million gathered in the first ten months of the fiscal year.  The highest amount Rs 11.55 billion, was collected through the sale of advance payment term life insurance policies. Additionally, the province accounted for Rs 2.86 billion in foreign employment term insurance, a figure significantly higher than in any other province.

Following Bagmati, Lumbini Province reported the second-highest premium collection with Rs 21.94 billion. Koshi Province stood third, contributing Rs 16.87 billion. Gandaki Province ranked fourth with Rs 14.13 billion, while Madhesh Province followed in fifth place, recording Rs 12.39 billion in life insurance premiums.

Sudurpaschim Province contributed Rs 8.45 billion, and Karnali Province — despite being geographically remote and economically less developed added Rs 3.95 billion, the lowest among all provinces.

Insurance agents have played a vital role in expanding life insurance access across the country, even in physically challenging regions like Karnali and Sudurpaschim. By reaching out to households in these provinces, they have succeeded in raising awareness and ensuring coverage for thousands of individuals, thereby strengthening the insurance sector’s reach and impact.