KATHMANDU, Aug 10: Nepal’s life insurance companies witnessed impressive growth in their businesses in the last fiscal year (FY) while non-life insurers had nominal increases in their premium collection.
A report unveiled by the Nepal Insurance Authority (NIA) shows that the life insurance companies collected insurance premiums worth Rs 181.42 billion in total during FY 2024/25. Altogether 14 life insurers had their business grow by 16.05 percent to Rs 156.33 billion in the review period.
Nepal Life Insurance, which collected Rs 48.03 billion in premium, stood at the topmost position among the individual life insurers. The amount was 17.59 percent more than the amount collected in the previous fiscal year when it stood at Rs 40.85 billion.
Similarly, National Life Insurance had its business grow by 16.77 percent to Rs 22.42 billion. Sun Nepal Life Insurance with a growth of 28.80 percent and Asian Life Insurance with 27.23 percent followed suit in terms of the surge in their businesses.
Meanwhile, there has been only a modest increase in the business of non-life insurers in FY 2024/25. According to the NIA, the premium collection of non-life insurance companies stood at Rs 43.95 billion in the review year, an increase of 6.77 percent from Rs 41.17 billion.
Shikhar Insurance led the group. The company carried out a business of Rs 5.79 billion in the last fiscal year. This was 5.92 percent more than the previous fiscal year with the business amounting at Rs 5.47 billion.
Sagarmatha Lumbini Insurance stood at second place with the company increasing its business by 4.46 percent. The non-life insurer was successful in increasing its premium collection to Rs 5.20 billion from Rs 4.78 billion. Siddhartha Premier Insurance with premium collection of Rs 4.31 billion was in the third place. The company witnessed a growth of 3.18 percent in the review period.