KATHMANDU, Dec 28: Despite a sluggish economy, non-life insurance companies in Nepal have expanded their business, collecting Rs 19.58 billion in premiums in the first five months of the current Fiscal Year (FY) 2025/26. This represents a 14.4 percent increase compared to the same period last year.
The number of active insurance policies also rose by 5.95 percent, from 1.27 million last year to 1.34 million this year. Most companies, except for Rastriya Beema Company and Oriental Insurance, reported growth, with Sagarmatha Lumbini Insurance collecting the highest premium of Rs 2.21 billion.
The rise in premiums comes despite challenges such as natural disasters and strikes, indicating resilience and increased uptake of insurance services across Nepal.
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Among the non-life insurance companies, Sagarmatha Lumbini Insurance collected the highest premium of Rs 2.22 billion, showing a marginal increase of 0.88 percent from Rs 2.20 billion in the previous fiscal year. Shikhar Insurance reported Rs 2.15 billion, a 23.41 percent rise from Rs 1.74 billion, while Himalayan Everest Insurance saw a significant 43.26 percent increase, collecting Rs 2.01 billion compared to Rs 1.40 billion last year.
Similarly, Siddhartha Premier Insurance collected Rs 1.87 billion, up 5.48 percent and IGI Prudential Insurance recorded Rs 1.67 billion, an increase of 14.65 percent. NLG Insurance and United Ajod Insurance showed growth of 39.6 percent and 27.95 percent, collecting Rs 1.58 billion and Rs 1.31 billion respectively. Sanima GIC collected Rs 1.22 billion, up 22.46 percent, while Neco Insurance saw a rise of 2.16 percent to Rs 1.43 billion.
Nepal Insurance Company reported Rs 1.02 billion, up 7.68 percent, and Prabhu Insurance rose by 4.14 percent to Rs 798.6 million. National Insurance collected Rs 606.8 million, a growth of 11.66 percent. In contrast, Oriental Insurance and Rashtriya Insurance saw declines of 0.87 percent and 26.53 percent, collecting Rs 1.12 billion and Rs 493 million, respectively.
