Term Life Policies Generate NPR 82.6 Billion in Premiums

Kathmandu — Nepal’s 14 life insurers and three micro life insurance companies collected a combined NPR 204.60 billion in gross written premiums from various life insurance products during the last fiscal year.

Term life insurance remained the largest business line, generating NPR 82.62 billion in premiums. Advance payment term life insurance followed with NPR 37.67 billion, while child-related term life insurance contributed NPR 33.83 billion.

Convertible term life insurance generated NPR 23.96 billion in premiums. Single-premium life insurance accounted for NPR 9.89 billion, whole life insurance brought in NPR 4.27 billion, and other life insurance products generated NPR 3.64 billion.

Micro life insurance contributed NPR 3.54 billion in premiums, while foreign employment term life insurance generated NPR 3.37 billion. Standard term life insurance accounted for NPR 1.81 billion, according to data released by the Nepal Insurance Authority.

Bagmati Province recorded the highest premium collection at NPR 86.96 billion. Lumbini Province followed with NPR 33.00 billion, while Koshi Province generated NPR 25.17 billion. Gandaki Province collected NPR 21.30 billion, Karnali Province NPR 6.21 billion, Sudurpashchim Province NPR 1.28 billion, and Madhesh Province reported the lowest premium collection at NPR 191.3 million.