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Life insurance companies collected more than Rs 100bn in premiums over the first eight months of the current fiscal year 2024-25.

According to the Nepal Insurance Authority (NIA)—the insurance sector regulator—14 life insurance companies and three micro life insurers collected Rs 109.43bn in premiums between mid-July last year and mid-March. In the eighth month alone, life insurers and micro life insurers collected
Rs 13.42bn in premiums, statistics unveiled by the NIA show.

The breakdown of premiums shows that insurance companies collected Rs 21.12bn as the first insurance premium, Rs 1.96bn as premiums from foreign employment coverage, and Rs 85.61bn as renewal premiums. Micro-insurers contributed Rs 724.6m to the total, including Rs 401.2m as new premiums, Rs 314.8m as foreign employment premiums, and Rs 8.5m as renewal premiums.

Nepal Life Insurance leads the market with Rs 29.39bn collected in insurance premiums over the first eight months of the current fiscal year. Next were National Life Insurance and LIC Nepal, with total premium collections of Rs 13.62bn and Rs 12.56bn, respectively.

According to the NIA, life insurers collected Rs 13.32bn in premiums between mid-February and mid-March of the current fiscal year. Fourteen life insurers sold 419,253 policies worth Rs 146.23bn in sum assured during the review month. Likewise, three micro-insurers sold 46,997 policies worth
Rs 99.3m in the same period.

According to the NIA, new premium collections increased by 7.2 percent in the eight-month period. There was also an increase in renewal premium collection by the country’s 14 life insurance companies, which collected a total of Rs 79.86bn during the review period.

While Nepal Life Insurance and LIC Nepal lead in total premium collection, Reliable Nepal Life and Citizen Life Insurance have shown the highest growth rates in renewal premiums.

Nepal Life Insurance emerged as the top performer in renewal premium collection during the eight-month period, generating Rs 23.92bn—an 8.47 percent increase compared to the same period last fiscal year. LIC Nepal followed with a growth of 6.04 percent to Rs 10.84bn. National Life Insurance and Himalayan Life Insurance collected Rs 10.17bn and Rs 9.55bn in renewal premiums, respectively.

Thai Prime Minister Paetongtarn Shinawatra successfully navigated a no-confidence vote in parliament following an intense two-day debate in the first test of her premiership, emerging unscathed from a two-day opposition onslaught to reaffirm the stability of her coalition, Reuters reported.

Thailand's youngest premier received the support of 319 out of 488 lawmakers present, despite a barrage of criticism during a censure debate accusing her of being unqualified, lacking economic knowledge, evading taxes, serving her wealthy family, and taking orders from her billionaire father and political heavyweight Thaksin Shinawatra.

The price of gold has increased by Rs 200 per tola in the domestic market on Wednesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 173, 500 per tola today. It was traded at Rs 173, 300 per tola on Tuesday.  

Similarly, the price of silver has increased by Rs 10 and is being traded at Rs 1, 990 per tola today.

Opposition parties have decided to protest from the streets and Parliament against the government decision to remove Nepal Electricity Authority Managing Director Kulman Ghising from his post.

A meeting of the opposition parties held on Wednesday morning made the decision to this effect.

Saying that the government sacked Ghising from the top post of the NEA, just months before the completion of his second term, by breaching the law, the meeting decided to protest against the decision.

After the meeting, Rastriya Swatantra Party leader Santosh Pariyar said that they would not allow the House to proceed with its business until the Prime Minister answered the reasons for Ghising’s removal.

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“The government removed Ghising from the post of Managing Director of power utility by imposing the power of a two-thirds majority. We will strongly oppose this in the Parliament. We will also take to the streets,” he said, adding, “The government has taken every decision against the rule of law. We request the government to correct itself.”

In the meeting, CPN (Maoist Center) Chairman Pushpa Kamal Dahal said that he had a discussion about the issues of transitional justice with Prime Minister KP Sharma Oli and Nepali Congress President Sher Bahadur Deuba a few days ago but not about Kulman Ghising.

A massive fire broke out at Central Plaza in Itahari on Wednesday.

Businessman Rajesh Shrestha is the owner of the plaza.

Laxmi Sunrise Bank, Baranda Hotel, and dozens of businesses are operating in Central Plaza.

DSP Laxmi Bhandari of the Area Police Office, Itahari said that the fire started from the fourth and fifth floor of the nine-storey building.

Four fire engines from Damak are trying to douse the fire.

Nepal's Ambassador to Sri Lanka Purna Bahadur Nepali has presented his letter of credence to Sri Lankan President Anura Kumara Dissanayake on Monday.

Ambassador Nepali presented the letter of credence at a special ceremony held at the Office of the President, according to the Embassy of Nepal in Colombo today.

On the occasion, Ambassador Nepali, on behalf of President Ram Chandra Paudel, wished the Sri Lankan President for his personal happiness, good health as well as continued peace and progress of the people of the Democratic Socialist Republic of Sri Lanka. 

Welcoming Ambassador Nepal, President Dissanayake wished President Paudel for the latter's personal happiness, good health as well as peace and prosperity of the Nepali people.

Sri Lanka's Foreign Minister, Secretary at the Office of the President, spouse of the ambassador, senior officials of the Office of the President and the Ministry of Foreign Affairs were present on the occasion.

Han Jong-Hee, a senior Samsung Electronics executive credited with elevating the company’s television business, died Tuesday, the company said. He was 63, AP reported.

Co-chief executive Han, who was in charge of the company's mobile devices and consumer electronics divisions, passed away in a hospital following treatment for a heart attack, according to Samsung. Samsung became the world's top TV manufacturer when Han joined the business in 1988 and worked primarily in TV-related departments. He was named CEO and co-vice chairman in 2022.

Former FIFA President Sepp Blatter and France football great Michel Platini were both cleared of corruption charges by a Swiss appeals court, two and a half years after they were first acquitted of the offences, Alzajeera reported.

The pair, once among the most prominent men in global football, were exonerated of fraud on Tuesday by the Swiss Criminal Court's Extraordinary Appeals Chamber in Muttenz, near Basel.
The hearing was held after Swiss federal prosecutors filed an appeal against the two men's 2022 acquittal in a lower court. Blatter and Platini had refuted the charges.