Foreign Employment Insurance Premiums Reach Rs 2.58 Billion in Nine Months, Sun Nepal Life tops the List

Kathmandu – As foreign employment insurance made mandatory for outbound workers, life insurance companies in Nepal have seen a significant rise in premium collection, amounting to Rs 2.58 billion in just nine months of the current fiscal year.

This amount has been collected by 14 life insurance companies, including three microinsurance companies, through a total of 2,468,219 active policies issued for Nepali workers seeking employment abroad.

Among the companies, Sun Nepal Life Insurance has emerged as the leading performer, collecting Rs 985.5 million in premiums. It is followed by Asian Life Insurance, which secured Rs 674.7 million. IME Life Insurance stood in the fourth position with Rs 176.9 million. Other notable collections include National Life Insurance with Rs 152.6 million, Sanima Reliance Life with Rs 128.6 million, Reliable Nepal Life with Rs 86.8 million, and Suryajyoti Life with Rs 79.5 million.

Citizen Life Insurance also contributed significantly with Rs 77.5 million in collections, while Himalayan Life Insurance brought in Rs 57.3 million. Prabhu Mahalaxmi Life recorded Rs 31 million in premium collection. Among microinsurers, Guardian Micro Life led with Rs 30.1 million, while Liberty Micro collected Rs 4.08 million and Crest Micro each collected Rs 4, 00,000 respectively.

Despite these individual performances, the Nepal Insurance Authority has introduced a new policy framework that regulates foreign employment insurance through a centralized Pool system. This means the share of business for each insurer will now be allocated based on the Authority’s set criteria, rather than individual market performance.