Employment in Insurance Sector on the Rise as Coverage Expands Across Nepal

Kathmandu — Nepal’s insurance sector has emerged as one of the most attractive employment destinations in recent years, providing job opportunities to more than 12,000 people nationwide. The growth of the industry, coupled with increased awareness and training programs, has drawn a growing number of professionals into the field.

According to data released by the Nepal Insurance Authority (NIA), a total of 12,318 employees are currently working in the 37 insurance companies operating across the country as of mid-Bhadra in the current fiscal year. Among them, 6,065 individuals are employed in life insurance companies, while 6,253 are working in non-life insurance firms.

The NIA report highlights that the expansion of insurance coverage has been steadily increasing in Nepal, supported by various awareness and capacity-building initiatives conducted by the government and the regulatory body. These efforts have reached local communities across the country, enhancing financial literacy and understanding of insurance benefits.

During the review period, the population covered by insurance (including both term and short-term life policies) reached 49.19 percent, marking a rise from 42.92 percent in the same period last fiscal year. This growth reflects the increasing acceptance of insurance as a financial safety measure among Nepali citizens.

The data further shows that Nepal has 15.9 million active insurance policies as of mid-Bhadra. Out of this, 1.198 million are life insurance policies, while 490,000 are non-life insurance policies.

In terms of reveue, life insurance companies collected Rs 35.99 billion in total premium income, including Rs 28.72 billion from renewal premiums, whereas non-life insurance companies earned Rs 8.29 billion in premiums during the same period.

However, the number of branch offices has seen a slight decline. As of mid-Bhadra, there are 2,989 provincial branches and sub-branches across Nepal — comprising 1,834 life insurance offices and 1,155 non-life insurance offices.