Non-Life Insurance Business Grows 22.82%; SALICO and Shikhar Lead, NLG and Himalayan Record Strong Growth
Kathmandu — Nepal’s non-life insurance business grew by 22.82 percent in the first quarter of the current fiscal year, according to data released by the Nepal Insurance Authority. Non-life insurers collected Rs 15.55 billion in gross premiums by the mid-October (end of Ashoj), up from Rs 12.66 billion during the same period last fiscal year.
SALICO collected Rs 1.84 billion in gross premiums, a 22.50 percent increase from Rs 1.50 billion in the corresponding period last year. Shikhar Insurance recorded a 29.54 percent rise, with its premium income reaching Rs 1.79 billion from Rs 1.38 billion.
Himalayan Everest Insurance collected Rs 1.61 billion, up 34.54 percent from Rs 1.20 billion last year. NLG Insurance recorded the highest growth among the 14 companies, with premiums rising 45.46 percent to Rs 1.49 billion from Rs 1.03 billion.
Similarly, IGI Prudential Insurance increased its premium collection by 34.29 percent to Rs 1.33 billion, compared with Rs 990.60 million in the previous year. Siddhartha Premier Insurance recorded a 7.77 percent increase, collecting Rs 1.32 billion against Rs 1.22 billion last year.
Siddhartha Neco Insurance saw its gross premiums rise 24.75 percent to Rs 1.16 billion from Rs 928.30 million. The Oriental Insurance recorded a 24.60 percent increase to Rs 982.40 million from Rs 788.50 million. United Ajod Insurance collected Rs 962.00 million, up 8.96 percent from Rs 882.90 million.
Nepal Insurance Company increased its premium income by 16.70 percent to Rs 824.10 million from Rs 706.20 million. Sanima GIC Insurance collected Rs 718.30 million, a 5.36 percent rise from Rs 681.80 million, while Prabhu Insurance recorded a 5.38 percent increase to Rs 532.80 million from Rs 505.60 million.
The government-owned Rastriya Beema Company recorded a 22.52 percent increase in gross premiums, collecting Rs 507.40 million compared with Rs 414.10 million in the previous year. National Insurance’s premium collection rose 11.76 percent to Rs 478.80 million from Rs 428.40 million.