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Fierce Competition Drives Life Insurance Companies to Amass Rs. 1.42 Kharba in Premiums Till Ashad

Mon, Aug 21, 2023 1:26 PM on Company Analysis, Premium, National, Latest,

In their pursuit of enhancing the premium collection, life insurance companies are currently immersed in robust competition amongst themselves. As the fiscal year 2079/80, culminating in the month of Ashad, drew to a close, these companies collectively amassed a remarkable sum of Rs. 1.42 Kharba in premiums. This substantial financial achievement was the result of diligent efforts across a portfolio of 1.41 crore active insurance policies held by discerning policyholders.

According to a comprehensive report released by the Nepal Insurance Authority, Reliable Nepal Life Insurance Company Limited stands as the frontrunner with the highest count of active policies, totaling an impressive 3,344,435. Following suit is National Life Insurance Company Limited, boasting a substantial count of 1,609,278 policies. In contrast, Mahalaxmi Life Insurance claims the lower end of the spectrum with a modest 35,015 active insurance policies.

Shifting the focus to the realm of financial figures, Nepal Life Insurance Company Limited emerges as the pacesetter in terms of cumulative insurance charges, commanding an imposing sum of Rs. 37.17 Arba. Notably, Life Insurance Corporation Limited closely trails with charges amounting to Rs. 17.46 Arba, followed by National Life Insurance Company Limited with Rs. 16.43 Arba.