Non-Life Insurance Company’s Premium Income has decreased compared to Last Fiscal Year

Kathmandu : In the 7 months of the current fiscal year, there has been a decline in the insurance business of non-life insurance companies. Statistics show that the insurance business of the top 6 companies has declined this year mid of February 2024 A.D, until the month of Magh 2080 B.S).

According to the data published by the Nepal Insurance Authority, the insurance business of Sagarmatha Lumbini, Shikhar, Rastriya Jeevan Beema, United Ajod, Siddhartha Premier and Nepal Insurance has declined. It has been seen that the business of other companies has improved satisfactorily.

Although there are indications of some improvement after the impact of the economic recession in the insurance sector, the business of the top 6 companies that are trading in the first place during this period is going downhill at the same time. This is probably the first time that the non-life insurance companies that make the best business in the insurance sector have declined. This shows that the impact of the economic recession has not yet ended in the insurance sector, says an insurance official.

By the mid of February 2024 A.D, end of Magh month of the 2080 B.S). current fiscal year, the business of Non-Insurance Company has decreased by 3 percent to 22 billion 392.2 million Rupees. In the same period of the last fiscal year, the insurance business of the company was 23 billion 600 thousand Rupees.