Insurance Premiums of non-Life Insurance Companies fell by 3.66%, Decline in the Business of Five Companies

 Kathmandu : Non-life insurance companies have managed to earn a total insurance fee of 10.44 billion rupees and 5.5 million rupees by the end of October of the current financial year.According to the financial statement published by the Insurance Authority up to the end of October, it has been seen that the insurance business of most of the companies has decreased compared to the last financial year.

The total insurance fee of non-life insurance companies has decreased by 3.66 percent. The companies earned a total of 10.84 billion 24 lakh rupees in total insurance fees till the same period of the last financial year.

Compared to the same period of the last financial year, Shikhar Insurance’s insurance fee income has increased by 2.8 percent. The company has managed to earn a total insurance fee of 1 billion 4 million rupees during this period. The company earned 1.2 billion rupees during the same period last year.

Similarly, the total insurance fee income of Sagarmatha Lumbini Insurance has decreased by 2.73 percent. The company earned 1.35 billion rupees last year, but this period it earned only 1.31 billion rupees.

Siddharth Premier Insurance Company’s total insurance fee income has also decreased by 20 percent. The company has earned a total of 1.6 billion rupees in insurance fees during this period.

Similarly, compared to the same period last year, Himalayan Everest Insurance has increased by 29 percent to 948.3 million rupees, IGI Prudential Insurance has increased by 7 percent to 861.5 million rupees, and Neco Insurance Company has earned a total insurance fee of 843 million rupees by 1 percent.

By the end of October, the total insurance fee earnings of United Azod Insurance decreased by 10% to Rs. 701.8 million, NLG Insurance increased by Rs.10 to Rs.675 million, Sanima GIC Insurance increased by 11% to Rs.5954 million, Prabhu Insurance increased by 37% to Rs.5658 million. Rupees and the National Insurance Company decreased by 56 percent to 55.48 million rupees.

Likewise, Oriental Insurance’s income increased by 32 percent to Rs.525.9 million, Nepal Insurance Company’s income decreased by 14 percent to Rs. 375.2 million, and National Insurance Company’s income decreased by 3 percent to Rs.372.2 million.