The insurance business of the life insurance company increased in Far Western while it decreased in Karnali province

Kathmandu : In the 6 months of the current fiscal year (2080/81), the highest increase in the insurance fee income from the Sudurpaschim (Far Western) Province while it has decreased in the Karnali Province. According to the statistics of Nepal Insurance Authority, this has been shown.

Lately, insurance companies have been strengthening public awareness programs in Karnali province, but the insurance business has declined. It has been seen that Karnali’s insurance fee income has decreased due to the inability of insurance agents to play an important role. Due to the increase in insurance fees in other 6 provinces, it is seen that insurance knowledge has not yet reached in the remote areas of Karnali. According to the statistics up to end of Paush, 2080 B.S, the insurance fee income from Karnali has decreased by 29.92 percent to 2.056 billion Rupees. In the same period of last fiscal year (2078/79), the business of the company was 2 billion 934 million 500 thousand Rupees.

Sudurpaschim (Far Western) province has the highest increase in insurance business. During this period, the company’s insurance fee earnings increased by 22.53 percent to 4 billion 388 million 100 thousand Rupees. In the same period of the last fiscal year, the insurance fee earned by the company was 3 billion 581 million 400 thousand Rupees.

The 14 life insurance companies currently operating have done business worth 74 billion 245 million 800 thousand Rupees. Bagmati province has the highest insurance fee earnings. During this period, 33 billion 540 million 500 Rupees insurance fee was earned from Bagmati Province, which is 1.50 percent more than last fiscal year.

Similarly, Lumbini province is the second province that earns the highest insurance fee during the review period. It has been mentioned in the authority’s statistics that insurance fees of 11 billion 363 million 400 Rupees have been earned from Lumbini Province till this period, which is 12.42 percent more than last fiscal year.

On the other hand, the insurance fee earned from Koshi province increased by 4.73 percent to 8.862 billion Rupees, from Gandaki province by 6.55 percent to 7 billion 537.5 million Rupees and from Madhesh province by 0.77 percent to 6 billion 497.4 million Rupees.