Non-Life Insurance Companies’ Premiums Rise to Rs 4.31 Billion in First Month of Current Fiscal Year

Kathmandu – The non-life insurance sector has witnessed mixed performance in the first month of the current fiscal year, with 10 companies reporting growth in premium income while four recorded a decline.

According to data released by the Nepal Insurance Authority, non-life insurance companies collected a total of Rs 4.31 billion in insurance premiums during Shrawan (mid-July to mid-August), up slightly from Rs 4.26 billion in the same period last year.

Sagarmatha Lumbini Insurance (Salico) led the market in terms of overall premium collection, earning Rs 455.4 million. Siddhartha Premier followed with Rs 417.9 million, while Shikhar Insurance and The Oriental Insurance collected Rs 415.5 million and Rs 413.7 million, respectively. Himalayan Everest Insurance earned Rs 365.2 million, NLG Insurance Rs 344.1 million, and IGI Prudential Insurance Rs 338.1 million.

Other major performers included Neco Insurance with Rs 320.1 million, United Ajod Insurance with Rs 296.7 million, Sanima GIC Insurance with Rs 223.6 million, Nepal Insurance with Rs 207.1 million, the government-owned Rastriya Beema Company with Rs 162.7 million, and Prabhu Insurance with Rs 127.1 million.

In terms of growth rate, Oriental Insurance posted the highest year-on-year increase at 42.15 percent. It was followed by NLG Insurance at 37.76 percent, Sanima GIC at 21.61 percent, Prabhu Insurance at 20.61 percent, United Ajod at 16.76 percent, Himalayan Everest at 12.01 percent, IGI Prudential at 10.44 percent, National Insurance Company at 1.31 percent, and Neco Insurance at 0.41 percent.

Conversely, four companies saw their premium income decline compared to last year’s Shrawan. Siddhartha Premier dropped by 7.79 percent, Salico by 27.89 percent, Nepal Insurance by 28.22 percent, and the government-owned Rastriya Beema Company reported the steepest fall of 36.09 percent.