The number of policyholders surrendering their insurance policies decreased by 38 percent and the policy amount decreased by 32 percent,

Kathmandu: Compared to last month of mid of October, the number of people who abandoned their insurance policy has decreased on mid of November by about 4,000. According to the Nepal Insurance Authority, both the number and amount of insurance policies have decreased in the month of mid of October.

In mid of November, 6 thousand 91 people have given up their insurance policies worth 794.9 million Rupees. While only in month of last mid of October, only in one month, 9 thousand 936 people had surrendered policies worth

1 billion 182.9 million Rupees.

If we look at it on the basis of percentage, the number of policyholders abandoning the policy has decreased by 38.70 percent and amount of insured has decreased by 32.79 percent.

Among the 14 operating companies, Nepal Life has the highest amount of insurance policies surrendered, while Reliable Nepal Life has the least amount of surrendered. Nepal Life’s worth 264.3 million Rupees and Reliable Nepal Life’s worth 4 million 87 thousand rupees policies have been surrendered.

In terms of percentage, IME Life has decreased the most surrendered policies. Insurance policy surrender amount in the company decreased by 68.11 percent in one month.

Only Asian Life’s surrender rate increased during the review period. Insurance has increased policy surrendered worth Rs.8 million 723 thousand Rupees in a month. The number of surrendered policies also increased by 30.21 percent and have become 987 policies.