Himalayan General Insurance first non-life insurance to meet capital requirement of Rs 1 arba

Himalayan General Insurance Company Limited (HGI) paid up capital reached to Rs 1.02 arba. Issuing a press release, HGI said that it has become the first among other general insurance companies to hike its paid up capital to Rs 1 arba. As per the new directive issued by Insurance Board, non-life insurance companies should increase their paid up capital to a minimum of Rs 1 arba until Ashad 2075. HGI had recently floated 166.67% right share to its shareholders. In the last fiscal year, the company has been able to collect premium of Rs 30 crore. The company aims to expand its branches in Dhangadi, Nepalgunj and Surkhet. HGI has been providing services from its 18 branch offices.