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.
