First 11 months of 2024/25: Non-life insurers see modest growth in premium collection

Non-life insurance companies have seen a modest growth in their business over the first 11 months of fiscal year 2023/24.

According to data released by the Nepal Insurance Authority, 14 non-life insurance companies collected Rs 36.32m in premium collection till mid-June in the current fiscal year, which is 0.36 percent of Rs 36.19bn that non-life insurers collected in the same period of 2022/23. 

Ten non-life insurance companies recorded a growth in premium collection in the review period, while four saw a drop in their premium collection. The Oriental Life Insurance Company Ltd recorded the highest growth of 40.46 percent in premium collection in the review period. The company collected Rs 1.75bn in premium collection in the review period of the current fiscal year, compared to Rs 1.24bn in the same period of the previous fiscal year. 

National Insurance was next with a 12.33 percent growth in insurance premium collection, followed by Prabhu Insurance (11.15 percent), Sanima GIC (8.23 percent), Neco Insurance (8.02 percent), IGI Prudential (6.4 percent), Himalayan Everest (5.66 percent), NLG Insurance (5.24 percent), Sagarmatha Lumbini (5.01 percent) and Shikhar Insurance (2.85 percent).

Likewise, Rastriya Beema Sansthan reported the highest drop in insurance premium collection as it could collect only Rs 1.53 billion in the current fiscal year, down from Rs 2.26bn in the previous fiscal year.  

United Ajod was next with a 24.14 percent drop in premium collection, followed by Siddhartha Premier (-8.68 percent) and Nepal Insurance (-0.57 percent). 

In terms of total premium collection, Shikhar Insurance was at the top with a collection of Rs 4.89bn in the first 11 months of the current fiscal year. Next was Sagarmatha Lumbini with a collection of Rs 4.29bn, followed by Siddhartha Premier (Rs 3.66bn), Himalayan Everest (Rs 3.23bn) and IGI Prudential (Rs 3.21bn).