Kathmandu. The non-life insurance companies have been hit hard by the negative impact on the economy due to the Janji agitation on September 23 and 24, the floods in September last year.

Insurance companies have paid a large amount of claims after the damage caused by the Genji protests. As a result, companies have suffered losses. The non-life insurance companies that were in operation till mid-January of the last fiscal year had a profit of Rs 1.35 billion.

In the same period of the current fiscal year, 14 non-life insurance companies have a negative net worth of Rs 41.15 million. Companies attribute this to the Genji movement, floods, landslides, and natural disasters caused by climate change.

Out of 14 insurance companies, only one company has made a profit. Similarly, the profit of 6 companies has decreased. Similarly, 5 companies are negative. Similarly, Oriental Insurance had a net profit of Rs 16.22 crore as against Rs 19.75 crore in the same period last year.

Similarly, National Insurance had posted a net profit of Rs 36.98 crore as of mid-January last year. In the same period of the current FY, the profit was Rs 6.10 crore.

Similarly, the profit of Sagarmatha Lumbini Insurance decreased by 43.29 percent, Himalayan Everest Insurance by 90.15 percent, NLG Insurance by 85.18 percent, Neco Insurance by 93.09 percent and Nepal Insurance by 94.24 percent.

Prabhu Insurance’s net profit increased by 2.01 percent to Rs 12.24 crore in the first quarter of the current fiscal year. The company had posted a net profit of Rs 12.49 crore in the same quarter last year.