The Anniversary of Shikhar Insurance was Completed with Grandeur 

Kathmandu : The anniversary of Shikhar Insurance was completed with grandeur the company which was established with a paid-up capital of 100 million, now exceeded above 2.5 billion.

Shikhar Insurance has crossed 19 years of establishment and entered the 20th year. Shikhar Insurance officially launched its insurance service from November 17, 2004 A.D (2nd Mangshir, 2061 B.S). This time, on the eve of the anniversary, Shikhar has organized a nationwide blood donation program for three days. In which employees of insurance companies, players, students, insurance surveyors, agents and general public donated blood.

Established as the 15th non-life insurance company in the year 2004 A.D (2061 B.S), Shikhar Insurance has managed to leave a distinct impression on the general public within a short period of its establishment. Shikhar Insurance, which has established itself as the best insurance company in Nepal, was established with a paid-up capital of 100 million. Currently, with a paid-up capital of 2 billion 650 million. Shikhar Insurance has established itself as a non-life insurance company with the highest net worth among the insurance companies promoted from the private sector with a net worth of more than 5 billion.

In terms of paid-up capital, net worth, branch network, number of employees, insurance premiums and claim payments, solvency margin and other major indices, Shikhar Insurance is in the leading position over other insurance companies. Last year alone, Shikhar paid 2 billion 770 million. Last year i.e. in the year 2022-23 A.D, Shikhar accounted for 5 billion of the total market premium. Shikhar, which is the foremost in share premium, has worked as a bridge in the management of micro insurance, and it also worked as a bridge in the management of insurance during Covid-19.Similarly, Shikhar, which has secured reinsurance of more than 7 billion, has also increased the number of its employees to more than 650. In order to expand the field of insurance, Shikhar Insurance has also made a significant contribution in issuing insurance policies according to Nepal’s geographical situation and economic needs.In Nepal, only Shikhar Insurance is providing insurance policies such as seasonal index based agricultural insurance, index based flood insurance, motor excess benefit insurance and silage insurance. Shikhar has given special priority to agriculture and farmers. Since 2072 B.S (2015 A.D), Shikhar Insurance has been insuring banana plantations and has been paying more than the claimed amount every year. Shikhar Insurance Company has been paying more than 40 million claims annually under banana farming insurance. Similarly, silage insurance scheme has also been introduced with the aim of ensuring that animal husbandry farmers do not suffer from silage during winter and dry season. This insurance provides indemnification for the risks that may occur during the production of silage crops and the storage of silage made from the produced crops. Shikhar Insurance is also very smart in terms of employee benefits. It has also provided the facility of leave during menstruation for female employees. The company has provided leave facility to relieve the physical and mental pain of female employees during menstruation. Members those who are responsible for its development: Gaurav Agarwal is the Chairman of Shikhar Insurance. Agarwal, who has been the managing director of various companies in Nepal’s hotel and hospitality and Everest hospitality sector, was the director of Vishwasani Life Insurance Company of Nepal. Agarwal, who is also the founder president of Nepal Yuva Yadyami Manch, is also active in charity work.

Having obtained a bachelor’s degree in business administration from the University of Kent, CanterberryKent, England, he was also a member of the board of directors of the company from the establishment of the company until 15th August 2017 A.D (Shrawan 31, 2074 B.S). Similarly, insurance management and financial sector experienced Ramesh Kumar Luitel, Sourav Rana, Skanda Amatya, Dr. Shurujana Shrestha, Dinesh Bajra Bajracharya are members of the board of directors.

Deep Prakash Pandye is leading the management team of Shikhar Insurance which has expanded its network of 113 branches across the country including remote and rural areas. Before coming to Shikbar, he worked as a general manager in Everest Insurance for about 10 years. He has long experience in teamwork and management.

He occasionally presents papers on various topics in the insurance sector at various seminars and programs organized by the Insurance Committee. Deputy Chief Executive Officers such as Bimalraj Nepal, Pushkar Mahat, Savita Maske, who have accumulated long experience in the field of insurance and financial management, are working to support Pandye. Raj Rimal, Udit Prasad Kafle and Prajwal Acharya, who have gained experience in the banking and insurance sector, are in charge of three General Managers.

Honors and Awards Shikhar, which was able to receive an award of 50,000 pounds sterling from UK Aid in 2019 A.D, has received an ‘A plus rating’ from ICRA for providing insurance protection against risks and damages to farmers in remote areas through seasonal index insurance. In the year 2018 A.D, Shikhar received “the Insurance Company of the Year ” award from the National Business Daily, and in 2014 A.D, it was “the runner-up for the Best Managed Insurance Company”at the Newbiz Business Conclave. Shikhar, which won “the HRM Award for Corporate Excellence in 2021 A.D”, received the award for “Best Insurance Company for Agricultural Insurance and Claim Settlement’ from the Department of Agriculture, Government of Nepal in 2022 A.D “. In 2016 A.D, it was awarded as “the insurance company that paid the most tax, and in 2019 A.D”, it was awarded as “the insurance company that earned the most profit from Nepal Re “.