Non-Life Insurance Sector Grows by 11.14 Percent in First Quarter

Kathmandu – The business of non-life insurance companies in Nepal has increased by 11.14 percent in the first three months of the current fiscal year.

According to the financial statements published by the Nepal Insurance Authority on Tuesday, the 14 non-life insurance companies operating in the country earned a combined insurance premium of Rs 12.65 billion, compared to Rs 11.38 billion in the same period of the previous fiscal year.

Among them, Sagarmatha Lumbini Insurance topped the list, collecting the highest premium of Rs 1.49 billion during the review period — a growth of 4.32 percent compared to last year.

Shikhar Insurance followed with a business growth of 23.62 percent, earning Rs 1.38 billion, while Siddhartha Premier Insurance recorded a 4.47 percent rise to Rs 1.22 billion. Himalayan Everest Insurance earned Rs 1.19 billion, achieving a notable 30.24 percent growth.

NLG Insurance posted the highest growth rate among all non-life insurers, with its premium income surging by 36.35 percent to Rs 1.20 billion. Likewise, United Ajod Insurance grew by 29.82 percent, Sanima GIC Insurance by 15.77 percent, Nepal Insurance by 14 percent, IGI Prudential Insurance by 9.96 percent, Prabhu Insurance by 5.95 percent, and Neco Insurance by 3.43 percent.

In contrast, the business of the government-owned Rastriya Beema Company and The Oriental Insurance declined during the review period.