Non-life insurance business is ruled by motor insurance as more than one-third share is covered

Kathmandu : Motor insurance occupies the largest share of the business of non-life insurance companies. Although the business of non-life insurance companies is in more than half a dozen sectors, the share of motor insurance is the highest i.e. one-third. Due to the increasing use of vehicles and the government’s policy of compulsory insurance, companies have focused their insurance business on the motor sector.

As of Falgun 2080/81 of the current financial year, the business of non-life insurance companies is 26 billion 260 million Rupees. The companies have managed to earn the insurance fee by selling a total of 1 million 962 thousand 24 insurance policies in different provinces. The insurance business of the companies has increased slightly compared to the same period of the last financial year. Public statistics show that the total insurance fee income of non-life insurance companies has been able to increase even in the midst of severe economic recession.

In the period up to Falgurn, non-life insurance companies have earned the highest amount of insurance fees from motor insurance. The companies have sold a total of 1 million 136 thousand 473 motor insurance policies and managed to earn a total of 8 billion 178 million 700 thousand Rupees in insurance fees.

Also, property insurance is in second place. The companies have sold 335 thousand 311 property insurance policies. By selling these insurance policy, they have earned an insurance fee equal to 6 billion 436.4 million Rupees.

According to the statistics, during this period non-life insurance companies have earned an income of 4 billion 21 million Rupees by selling 17 thousand 16 policies of the engineer and contract insurance.

The companies have earned two billion 98 million rupees insurance fee by selling 105 thousand 879 miscellaneous policies. Similarly, the non-life insurance companies earned 1 billion 530.5 million Rupees by selling 88 air insurance policies in the same period of time Likewise a total of 1 billion 473.3 million Rupees has been earned as insurance fees by selling 108 thousand 23 agriculture and crop insurance policies.

Similarly, these companies sold 200 thousand marine insurance policies and earned 1 billion 329.4 million Rupees as insurance fees These companies have earned the lowest insurance premiums through micro insurance. They have earned 116.6 million Rupees by selling 58,898 micro insurance policies.