Foreign Employment Insurance Generates Rs 1.18 Billion in Premiums in Five Months
Kathmandu – Life insurance companies in Nepal have collected a total of Rs 1.18 billion in premiums through foreign employment insurance policies in the first five months of the current fiscal year, according to data released by the Nepal Insurance Authority.
The Authority mandates insurance for individuals going abroad for employment and regulates the distribution of business shares through a bridge system. Despite variations in business figures, the official calculations will follow the Authority’s guidelines.
In the month of Mangsir (mid-November to mid-December) alone, foreign employment insurance policies worth Rs 323.3 million were issued. Sun Nepal Life Insurance led the market, collecting Rs 193.2 million in premiums during this period.
Asian Life Insurance secured the second position, earning Rs 282.7 million in premiums over the five months. Nepal Life Insurance ranked third, collecting Rs 120.6 million in foreign employment insurance premiums.
Other notable contributors include National Life with Rs 100 million, IME Life and Sanima Life with Rs 60 million each, and Suryajyoti Life and Reliable Nepal Life with Rs 50 million each. Citizen Life Insurance earned Rs 30 million, while Prabhu Mahalaxmi Life and Himalayan Life Insurance collected Rs 1.5 million and Rs 1.2 million, respectively.
MetLife and Life Insurance Corporation (Nepal) did not sell foreign employment insurance policies during this period. Himalayan Life recorded the lowest earnings from foreign employment insurance.
