80 Percent Surge in Life Insurance Policies for Foreign Employment, NIA Statistics Show
The Nepal Insurance Authority (NIA) has released the monthly statistics on insurance business up to Jestha of the ongoing Nepali year 2080.
According to the data, there has been a significant 80.68 percent increase in the number of life insurance policies issued to individuals working abroad within a one-year period. From Jestha 2079 to the corresponding month of the current Nepali year, the number of subscribed life insurance policies for foreign employment rose from 876,541 to 1,583,746.
Furthermore, there has been a growth in the overall count of both life and non-life insurance policies sold during this period. By the end of Jestha 2079, a total of 12,632,373 life insurance policies were sold, marking an 11.38 percent increase to reach 14,069,937 by the corresponding month of 2080.
Similarly, the number of non-life insurance policies as of Jestha (mid-June) in the current Nepali year is 2,537,416, showing an 8.06 percent increase compared to the same period last year.
In terms of premiums, insurance companies collected a total gross premium amount of Rs. 160,742.66 million during the eleven-month period of 2080, indicating a 4.62 percent rise compared to the corresponding month in the previous Nepali year.
Furthermore, the data reveals that insurance companies have established 2,887 offices nationwide to extend their services. Additionally, they employ a total of 11,199 individuals as of Jestha 2080.
The statistics indicate a significant surge in life insurance policies for individuals working abroad, as well as a positive trend in the overall insurance sector in terms of policy sales and premiums collected.
