Insurers Roll Out New Products for the Current Fiscal Year, from Cyber and Drone Cover to New Life Plans
Kathmandu — Nepal’s insurance market has long been dominated by products that differ mainly in name while offering largely similar coverage and benefits. That trend, however, is set to shift as several insurers prepare to introduce new products in the current fiscal year.
More than half a dozen insurance companies are gearing up to launch new insurance plans after receiving regulatory approval. The Nepal Insurance Authority has cleared eight new products proposed during the previous fiscal year, paving the way for their commercial rollout.
The approved products include offerings from four life insurers and four non-life insurers, reflecting a broader push to diversify insurance products in the domestic market.
Among non-life insurers, Shikhar Insurance has received approval to introduce Shikhar Cyber Insurance, while IGI Prudential Insurance will launch Professional Indemnity Insurance for Construction Projects and a Tourism Insurance Policy targeting Nepal’s tourism sector. Sagarmatha Lumbini Insurance has also been authorized to issue a Drone Insurance Policy, expanding coverage to emerging technology-related risks.
On the life insurance side, Nepal Life Insurance has revised one of its existing products while also securing approval for a new Progeny Plan. In addition, the insurer has received approval for two child-focused products; Naulo Ketaketi Jeevan Beema Yojana and Naulo Surakshit Jeevan Beema Yojana.
Meanwhile, IME Life Insurance is preparing to launch a Group Term Life Insurance Plan. Two other life insurers are also expected to introduce new products, although details of their proposed insurance plans have yet to be disclosed.
The launch of these products signals a gradual shift toward greater product innovation in Nepal’s insurance industry, with insurers expanding beyond conventional offerings to meet evolving consumer and business needs.