Non-Life Insurance Sector Sees 7.80% Growth; Shikhar, Oriental, and Nepal Insurance Lead Expansion
Kathmandu – The non-life insurance sector in Nepal has witnessed a steady growth of 7.80% in the first seven months. According to the latest data released by the Nepal Insurance Authority, the total business has reached NPR 24.27 billion in the seven months of current fiscal year.
During the same period last year, non-life insurance companies had generated a total business volume of NPR 22.51 billion. The increase in total premiums has been fueled by the competitive efforts of leading companies such as Shikhar Insurance, Sagarmatha Lumbini Insurance, and The Oriental Insurance, among others.
Shikhar Insurance emerged as the top performer, registering an 8.16% increase in business, amounting to NPR 3.13 billion, compared to NPR 2.89 billion in the previous year. Sagarmatha Lumbini Insurance followed closely, recording a 9.93% growth with its business volume rising to NPR 2.93 billion. Meanwhile, Siddharth Premier Insurance saw an increase of 7.82%, reaching NPR 2.44 billion.
Several other companies also experienced positive growth during the review period. IGI Prudential Insurance reported a 4.50% increase, bringing its business to NPR 2.02 billion, while Neco Insurance grew by 4.06% to NPR 1.95 billion. Himalayan Everest Insurance also saw a moderate rise of 2.84%, reaching NPR 1.92 billion.
Notably, The Oriental Insurance and Nepal Insurance demonstrated significant growth compared to last year. The Oriental Insurance’s business surged by 43.68% to NPR 1.52 billion, while Nepal Insurance recorded a remarkable 44.16% increase, totaling NPR 1.25 billion. Similarly, NLG Insurance grew by 12.92% to NPR 1.62 billion, and Sanima GIC Insurance expanded by 2.67%, reaching NPR 1.38 billion.
However, not all companies experienced positive growth. The state-owned Rastriya Beema Company saw a decline of 3.38%, with its business falling to NPR 940.5 million. United Ajod Insurance also faced an 7.99% drop, bringing its total business to NPR 1.40 billion. Similarly, Prabhu Insurance reported a 4.99% decline, amounting to NPR 1.03 billion, while National Insurance recorded a slight dip of 0.15%, totaling NPR 693.4 million.