Non-Life Insurance Sector Sees 7.11% Growth; Oriental Insurance Leads in Expansion

Kathmandu — Nepal’s non-life insurance industry has recorded a modest yet steady growth of 7.11% in the third quarter of the current fiscal year, with total business volume rising from Rs. 29.99 billion last year to Rs. 32.12 billion this year, according to data published by the Nepal Insurance Authority.

Among the all non-life insurance companies, Oriental Insurance Company posted the most significant growth, expanding its business by 41.91% compared to the same period last year. Nepal Insurance Company followed with a 36.09% increase, while NLG Insurance secured the third position with a 16.41% year-on-year growth.

Other companies that reported positive growth include Himalayan Everest Insurance with a 9.28% increase, Sanima GIC and Siddhartha Premier Insurance with 7.84 and 7.45% each, Sagarmatha Lumbini Insurance with 5.84%, IGI Prudential with 3.59%, Shikhar Insurance with 2.85%, and National Insurance Company with a slight rise of 0.62%.

However, not all companies shared in the upward trend. Three firms saw a decline in business during the review period. The state-owned Rastriya Beema Company Limited (RBCL) experienced the sharpest fall, with a 13.31% drop in business. United Ajod Insurance followed with a 6.24% decline, and Prabhu Insurance reported a marginal decrease of 1.31%.