Non-Life Insurance Sector Records 6.77% Growth in FY 2082/83

Kathmandu – Nepal’s non-life insurance sector witnessed a steady growth of 6.77% in the fiscal year 2082/83, according to data released by the Nepal Insurance Authority. The country’s 14 non-life insurance companies collectively generated a business volume of Rs 43.95 billion, up from Rs 41.17 billion in the previous fiscal year 2081/82.

Shikhar Insurance Company retained its position at the top, recording business worth Rs 5.79 billion — a 5.92% increase from Rs 5.47 billion in the preceding year.

Sagarmatha Lumbini Insurance secured the second position with Rs 5 billion in business, up by 4.46%. Siddhartha Premier Insurance ranked third, reporting Rs 4.31 billion in business, reflecting a 3.18% rise.

During the review period, Himalayan Everest Insurance registered a 10.14% growth to Rs 4.10 billion, IGI Prudential climbed 5.89% to Rs 3.86 billion, and Neco Insurance expanded by 4.48% to Rs 3.28 billion. NLG Insurance reported a notable 20.06% growth to Rs 3.06 billion.

Similarly, United Ajod Insurance posted a 2.06% rise to Rs 2.70 billion, The Oriental Insurance saw a robust 25.14% increase to Rs 2.70 billion, and Sanima GIC Insurance grew 3.24% to Rs 2.70 billion.

Nepal Insurance Company achieved Rs 2.03 billion in business, Prabhu Insurance Rs 1.86 billion, Rastriya Beema Company Rs 1.37 billion, and National Insurance Company Rs 1.06 billion.