Life Insurance Premiums Reach Rs 155.15 Billion Nationwide, Bagmati Province Leads the Market

Kathmandu — Life insurance and microinsurance companies operating across Nepal have collectively generated over Rs 155.15 billion in insurance premiums across all seven provinces by the end of Jestha month, according to data released by the Nepal Insurance Authority.

These earnings stem from various insurance categories, including endowment, advance payment endowment, converted endowment, child-related endowment, foreign employment term, whole life, single premium, term, microinsurance, and other life insurance schemes.

Bagmati Province continues to dominate the insurance market, contributing Rs 68.79 billion in total premiums — the highest among all provinces. As the nation’s capital and a hub of infrastructural development, Bagmati’s strong economic environment and dense population have enabled insurance companies to conduct the highest volume of business there.

Lumbini Province stands second in terms of business volume, generating Rs 24.33 billion in premiums. Similarly, Koshi Province accounted for Rs 18.78 billion, followed by Gandaki Province with Rs 15.62 billion and Madhesh Province with Rs 13.83 billion in life insurance business.

In the Far-Western region, insurance companies reported premiums worth Rs 9.41 billion from Sudurpaschim Province. Karnali Province, known for its geographical remoteness and infrastructural challenges, contributed the least with Rs 4.35 billion. Despite these hurdles, insurance companies have acknowledged the significant role played by their agents and field staff in expanding outreach and generating business in the province.