Non-Life Insurance Premium Income Rises by 7.44% in Nepal; Shikhar Leads, Oriental Records Highest Growth

Kathmandu – The insurance premium income of non-life insurance companies in Nepal has increased by 7.44% in the first 11 months of the current fiscal year.

According to financial data published by the Nepal Insurance Authority, 14 non-life insurance companies operating in the country have collectively earned Rs 39.3 billion in premiums by the end of Jestha (mid-June). This is a notable increase from Rs 36.32 billion recorded during the same period in the previous fiscal year.

In terms of Revenue

Among the companies, Shikhar Insurance Company maintained its lead in terms of total insurance premium income, earning Rs 5.09 billion, which marks a 3.97% growth. Sagarmatha Lumbini Insurance followed closely with a business of Rs 4.5 billion, registering a 4.89% increase.

Siddhartha Premier Insurance reported a premium income of Rs 3.9 billion, up 6.54%, while Himalayan Everest Insurance earned Rs 3.51 billion, recording an 8.61% rise. Similarly, IGI Prudential Insurance grew by 5.61%, reaching Rs 3.90 billion in premium collection.

In terms of Growth Rate

In terms of growth percentage, The Oriental Insurance stood out, achieving a 38.18% rise in business compared to the previous fiscal year—the highest growth among all non-life insurers. Nepal Insurance followed with a 31.52% increase, while NLG Insurance and Sanima GIC Insurance reported growths of 21.34% and 6.47%, respectively.

On the downside, Rastriya Beema Company, a government-owned entity, showed signs of financial distress. The company’s business shrank by 14.14% compared to last year. During the 11-month review period, the company saw a 4% drop in business, reflecting deteriorating performance based on key financial indicators.