What does the data say about the performance of Life Insurance Companies in the FY 2074/75? Did new companies triumphed over the older companies?

With the introduction of new Life Insurance Companies, the earning of the sector has also increased simultaneously. As per the data of Insurance Board, the insurance companies have managed to increase the insurance premium amount by 52% in the fiscal year 2074/75.

The total insurance premium amounted to Rs 13.03 arba in the fiscal year 2073/74 which has increased to Rs 19.44 arba in the fiscal year 2074/75. The increase in the number of life insurance companies can be considered as the major reason for the increment of the premium amount.

 As per the report of the board, Nepal Life Insurance Company stood ahead in terms of premium collected as the company collected Rs 5.84 arba as the premium during the fiscal year 2074/75. The figures of Nepal Life Insurance was followed by LIC Nepal and National Life Insurance which collected Rs 2.94 arba and Rs 2.34 arba as insurance premium respectively.

Among the new companies, Union Life Insurance has left its competitors behind as the company managed to collect Rs 85 crore as insurance premium in the fiscal year 2074/75. The collection of Union Life was more than that two older companies i.e. Gurans Life and Beema Sansthan. It was followed by IME Life and Reliable Life Insurance collecting Rs 52.14 crore and Rs 42 crore respectively.