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Insurance market in Nepal grows 22 percent

Staff Writer |
The total size of the insurance market of the country surged by 22.74 percent to Rs 57.53 billion in the last fiscal from about Rs 46.87 billion in fiscal 2015-16.

The total premium collection by life and non-life insurance companies that are operating in the country increased by 20 percent and 27.75 percent, respectively, in the last fiscal year 2016-17, according to data maintained by the Insurance Board (IB).

The IB data show that life insurance market rose to Rs 38.40 billion in the last fiscal from Rs 31.97 in the previous year.

Similarly, non-life insurance firms collected Rs 19.03 billion in premium in the last fiscal, against Rs 14.90 billion in fiscal year 2015-16.

In fiscal 2016-17, nine life insurance companies had collected Rs 10.56 billion as their first premium, which was Rs 9.51 billion in fiscal 2015-16.

Likewise, the share from foreign employment policy in the year was Rs 2.58 billion, against Rs 1.82 billion in the previous year.

The data maintained by the regulatory authority of the insurance sector reveal that life insurance firms collected Rs 25.26 billion in the last fiscal simply by renewing older policies.

In fiscal 2015-16, policy renewal had generated Rs 20.63 billion for the insurance companies.

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