Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Nepal’s non-life insurance sector posted strong growth in the second quarter of the current fiscal year 2079/80 (mid-July to mid-January 2024), with total premium income rising 13.37% year-on-year, according to data released by the Nepal Insurance Authority.
A total of 14 non-life insurance companies issued 1,419,548 insurance policies over the six-month period, generating Rs 236.76 billion in gross written premiums. In the corresponding period last fiscal year, insurers had issued 1,389,319 policies and collected Rs 208.83 billion in premiums.
In Poush alone, insurers issued 257,352 policies, earning Rs 41.86 billion, indicating continued momentum in underwriting activity.
Out of the 14 companies, 13 reported business growth, while one saw a decline. Shikhar Insurance remained the market leader in total premium volume, while Himalayan Everest Insurance posted the highest growth rate.
Shikhar Insurance issued 147,609 policies, earning Rs 27.76 billion in premiums by mid-January, up 7.19% from Rs 25.90 billion in the same period last year.
Sagarmatha Lumbini Insurance (SALICO) ranked second, generating Rs 26.13 billion from 132,022 policies, up 2.34% year-on-year.
Himalayan Everest Insurance secured third position with premiums of Rs 24.92 billion, a sharp 45.07% increase from Rs 17.18 billion in the same period last year.
Siddhartha Premier Everest Insurance collected Rs 22.96 billion, up 2.73% from the previous year.
Among other companies:
IGI Prudential Insurance – Rs 20.68 billion
NLG Insurance – Rs 18.79 billion
Neco Insurance – Rs 18.02 billion
United Ajod Insurance – Rs 15.32 billion
Oriental Insurance – Rs 15.01 billion
Sanima GIC Insurance – Rs 14.28 billion
Nepal Insurance – Rs 11.81 billion
Prabhu Insurance – Rs 9.37 billion
National Insurance – Rs 6.99 billion
Rastriya Beema Company – Rs 5.67 billion
In terms of growth rates, IGI Prudential rose 19.05%, NLG 33.55%, Neco 8.27%, United Ajod 27.29%, Oriental 11.57%, Sanima GIC 19.71%, Nepal Insurance 8.05%, Prabhu 3.69%, and National Insurance 12.44%. Meanwhile, Rastriya Beema Company’s business declined 20.34%.
Industry analysts say the growth reflects increased insurance penetration, rising demand for infrastructure-linked coverage, and broader risk awareness, though competitive pricing and claims management remain key sustainability challenges for insurers.
Your email address will not be published. Required fields are marked *
Comment *
Name *
Email *
Website
Save my name, email, and website in this browser for the next time I comment.
