Insurance Companies Unaffected by COVID-19 Pandemic; Even More Premium Collection in FY 2076/ 77
Thu, Jul 23, 2020 12:08 PM on Financial Analysis, Latest,
Even though the economy was brought to a halt for the latter months of the fiscal year 2076/ 77, both life and non-life insurance have collected high levels of insurance premiums.
Insurance companies operating in Nepal have earned a total premium of Rs 1 Kharba 20 Arba and 25 crores by the end of Ashad 2077. This includes the total premium collected by both life and non-life insurance companies.
Life insurance companies have increased their first premium earnings by 19.18% in the fiscal year 2076/ 77.
Life Insurance:
| Company Name | Total Insurance Premium by Ashad end, 2077 (Arba) | Total Insurance Policies |
|---|---|---|
| Nepal Life Insurance | 28.39 | 1,307,616 |
| LIC Nepal | 15.31 | 765,721 |
| National Life Insurance | 9.21 | 635,467 |
| RBS | 7.05 | 703,612 |
| Union Life | 4.8 | 360,795 |
| Asian Life | 4.54 | 288,296 |
| Met Life | 4.15 | 1,050,777 |
| Prime Life | 3.31 | 306,693 |
| Surya Life | 3.2 | 480,493 |
| Gurans Life | 2.19 | 201,420 |
| Citizen Life | 1.96 | 122,495 |
| Jyoti Life | 1.89 | 50,504 |
| Reliable Nepal Life | 1.6 | 1,383,717 |
| IME Life | 1.4 | 113,937 |
| Reliance Life | 1.4 | 30,769 |
| Prabhu Life | 1.18 | 67,092 |
| Sun Nepal Life | 1.11 | 50,230 |
| Mahalaxmi | 0.87 | 12,019 |
| Sanima Life | 0.82 | 25,707 |
| Total | 94.38 | 7,957,358 |
Nepal Life Insurance is in the first place this fiscal year too with a figure of 28.39 Arba as total premium collection. Life Insurance Company Nepal (LIC) comes second with Rs. 15.31 Arba collected as premium payment.
Union Life is at the forefront of insurance companies that are in the early stage of operation.
On the other hand, Shikhar Insurance has the highest 3.52 Arba premium collection in the non-life insurance sector, followed by Sagarmatha Insurance with 2.19 Arba premium collection.
| Company Name | Total Insurance Premium by Ashad end, 2077 (Arba) | Total Insurance Policies |
|---|---|---|
| RBCL | N/A | N/A |
| Shikhar | 3.52 | 249,574 |
| Sagarmatha | 2.19 | 194,174 |
| Neco | 2.07 | 248,070 |
| Siddhartha | 1.96 | 162,520 |
| NLG | 1.73 | 188,941 |
| Premier | 1.64 | 142,457 |
| Prabhu | 1.55 | 64,670 |
| HGI | 1.37 | 59,582 |
| IME General | 1.36 | 100,535 |
| Lumbini | 1.21 | 131,788 |
| Nepal Ins | 1.16 | 147,529 |
| Prudential | 1.03 | 116,930 |
| The Oriental | 1.01 | 21,055 |
| Everest | 0.9 | 79,486 |
| Ajod | 0.86 | 96,320 |
| National Ins | 0.76 | 16,334 |
| United | 0.66 | 90,793 |
| General Ins | 0.54 | 53,197 |
| Sanima | 0.35 | 42,383 |
| Total | 25.87 | 2,206,338 |
Data has shown that insurance companies issued insurance policies aggressively in Ashad after the lockdown was eased. In Ashad alone, they have earned Rs. 11 Arba 65 crores in first premiums and Rs. 12 Arba 90 crores in renewals.
Interestingly, 33.78% of the first premiums of the fiscal year have been collected in Ashad alone, while 22.25% of the renewal premiums have been collected in Ashad itself.
Meanwhile, a total of 7,957,358 life insurance policies and 2,206,338 non-life insurance policies were issued in the fiscal year 2076/ 77.
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