By A Staff Reporter
Kathmandu, Oct. 31: Insurance companies in Nepal have mobilised Rs. 39.9 billion premium in the first quarter of the current fiscal year 2020/21.
According to the Nepal Insurance Board, 39 life and non-life insurance companies have mobilised the amount in the first three months of the current fiscal year.
There are 19 life and 20 non-life insurance and one reinsurance companies in Nepal. They are selling various insurance products, including life, education, health, travel, fire and many other term insurance.
Life insurance companies have mobilised higher premium compared to the non-life insurance companies – the former earned Rs. 32.32 billion in the three-month period while the latter earned just Rs. 7.58 billion.
The companies that mobilised the largest premium amount are Nepal Life, Life Insurance Corporation and Rastriya Beema Sansthan with Rs. 9.1 billion, Rs. 5.5 billion and Rs. 4.35 billion respectively.
Nepal Life is the largest insurance company in the country with about 28 per cent market share in life insurance segment.
Likewise, National Life Insurance Company Limited earned Rs. 2.8 billion, MetLife Rs. 1.22 billion, and Prime Life earned Rs. 1.6 billion premium.
Similarly, Reliable Life could mobilise the premium of Rs. 540 million, Reliance Life Rs. 480 million, Nepal Life Rs. 430 million, Sanima Life Rs. 350 million, Prabhu Life Rs. 250 million and Mahalaxmi Rs. 240 million.
Meanwhile, among the non-life insurance companies, Shikhar Insurance mobilised premium of Rs. 900 million, Sagarmatha Insurance Rs. 730 million, Neco Insurance Rs. 680 million, Siddartha Insurance Rs. 620 million and NLG Insurance Rs. 560 million.
Other non-life insurance companies have earned less than Rs. 500 million in premium.
The COVID-19 pandemic had affected the premium collection.