In the first three months of the current fiscal year, insurance premiums totaled Rs 47.87 billion, which was collected by the country’s insurance companies. This is an increase of 20.11 percent above the amount collected during the same period in the previous fiscal year.
According to figures kept by the Insurance Board (IB), life insurance companies collected premiums of Rs 38.18 billion between the middle of July and the middle of October this year. This group of insurers collected Rs 32.28 billion in premium from the insurance they offered to their consumers during the review period last year, according to the data.
Nepal Life Insurance Company (NLIC) received the highest amount of premium, amounting to Rs 9.90 billion, out of a total of 19 life insurance firms. Life Insurance Corporation, with a premium collection of Rs 5.25 billion, and Rastriya Beema Sansthan, with a premium collection of Rs 4.53 billion, were on the top of the list for the second time in a row in this category.
Non-life insurers, on the other hand, saw a 27.88 percent increase in their premium collection during the time period under consideration. According to the Insurance Board, a total of Rs 9.69 billion in premium collection was earned by 20 non-life insurance companies in the first quarter of the current fiscal year.
Shikhar Insurance Company, which collected more than Rs 1 billion in premiums, was the most successful of the group. Similarly, Sagarmatha Insurance earned Rs 906.70 million in premium collection during the review period this year, and Neco Insurance collected Rs 812.10 million during the same period.