Non-Life Insurance Companies Collect Nearly Rs 4 Billion in Premiums in the month of Jestha
Kathmandu – Non-life insurance companies operating in Nepal have collectively earned nearly Rs 4 billion in insurance premiums during the month of Jestha (mid-May to mid-June), reflecting a healthy growth in the general insurance sector. According to the latest financial data released by the Nepal Insurance Authority, the 14 active non-life insurers earned Rs 3.93 billion in premiums during the month, marking a 13.93 percent increase compared to the same period last fiscal year, when premiums totaled Rs 3.45 billion.
Among the companies, Sagarmatha Lumbini Insurance recorded the highest business volume, generating Rs 462.2 million, which is a 13.21 percent increase from the previous year. Close behind, Himalayan Everest Insurance showed an impressive performance with a 41.66 percent growth, collecting Rs 432.7 million in premiums. Siddhartha Premier Insurance and Shikhar Insurance also made notable contributions to the total, earning Rs 428.9 million and Rs 409 million respectively.
IGI Prudential Insurance earned Rs 369.9 million, followed by United Ajod Insurance with Rs 326 million, NLG Insurance at Rs 319 million, Sanima GIC Insurance with Rs 264 million, and Neco Insurance recording Rs 256.2 million in business during the month.
Other companies also maintained steady performances. The Oriental Insurance earned Rs 168.5 million, while Nepal Insurance and Rastriya Beema Company, the state-owned entity, earned Rs 155.7 million and Rs 151.3 million respectively. Prabhu Insurance collected Rs 144.9 million, and National Insurance followed with Rs 47.6 million.
In terms of Growth
In terms of year-on-year business growth, United Ajod Insurance led the industry with a 54.64 percent increase, reflecting a strong surge in premium collection compared to the same period last fiscal year. The Oriental Insurance also showed a significant 54.39 percent rise, followed by NLG Insurance at 43.83 percent, Himalayan Everest Insurance at 41.66 percent, and Prabhu Insurance with a growth of 20.02 percent.
Out of the 14 companies, 10 recorded growth in their insurance business during Jestha, while four experienced a decline, ranging from 2 to 36 percent.