All Life Insurance Renewal Premiums Rise 4.10% in First Month of Current Fiscal Year

Kathmandu – Life insurance companies in Nepal collected Rs 16.38 billion in renewal insurance premiums in the first month of the current fiscal year 2082/83. According to the financial statements of 14 life insurers published by the Nepal Insurance Authority, renewal premiums rose by 4.10 percent compared to the same period last fiscal year.

Among the companies, Nepal Life Insurance and National Life Insurance recorded the highest renewal premium collections with 2.04 percent and 8.64 percent. LIC ranked in third position despite having drop of 2.74 percent. Notably, IME Life (12.88 percent), SuryaJyoti Life (10.83 percent), and Reliable Nepal Life (8.95 percent) posted the strongest growth rates in renewal income.

During the review period, IME Life’s renewal premiums surged by 12.88 percent, Suryajyoti Life grew by 10.83 percent, Reliable Nepal Life rose by 8.95 percent, National Life increased by 8.64 percent, and Sun Nepal Life expanded by 8.42 percent.

However, two insurers witnessed declines. The government-owned Rastriya Jeevan Beema Company saw a 9.29 percent drop in renewal premiums, while LIC Nepal posted a 2.74 percent decline.

In life insurance, insured individuals are required to renew their policies annually or semi-annually as per the terms of their contracts. Renewal premiums, therefore, represent the continued commitment of policyholders to their insurance plans.