Kathmandu. The new business of life insurers (excluding foreign employment insurance premiums) has increased by 36.5 percent. This is according to the data released by the Nepal Insurance Authority (NEA) till the second quarter of the current fiscal year 2082÷83.

Presently, 14 life insurance companies have collected Rs 21.64 billion in first insurance premium till mid-January of the current fiscal year. In the previous fiscal year, the company had collected Rs 15.84 billion in premium till Poush 2081÷82. The new business of insurers increased by 36.60 percent in the review period compared to the previous year.

During the review period, Nepal Life Insurance has brought the highest number of new businesses while IME Life is ahead in terms of growth rate. New business increased by 13 companies, while one decreased. Nepal Life Insurance has collected Rs 5.99 billion in insurance premiums till mid-January of the current fiscal year.

The company had collected Rs 3.92 billion in first insurance premiums in the same period last year. The company’s new business increased by 52.59 percent in the review period compared to the previous year.

The second is National Life. During the review period, the company has earned Rs 3.10 billion in primary insurance premium. The company’s new business increased by 32.77 percent in the review period compared to the same period last year. The company had collected Rs 2.34 billion in insurance premiums till mid-January last year.

Life Insurance Corporation Nepal (LIC Nepal) is the third company to bring in more new business. The company has collected Rs 1.33 billion in insurance premiums till mid-January of the previous year, which increased by 26.38 percent to Rs 1.68 billion in the review period.

Similarly, Surya Jyoti Life earned Rs 1.44 billion, Citizen Life earned Rs 1.29 billion and Himalayan Life earned Rs 1.16 billion in the review period. Compared to the previous year, Surya Jyoti Life’s new business increased by 21.55 percent and Citizen Life by 43.99 percent and Himalayan Life by 2.57 percent.

Also, Nepal Life Insurance has collected Rs 1.19 billion in insurance premiums, Reliable Life Insurance Rs 1.4 billion, Prabhu Life Insurance Rs 1.89 billion, Prabhu Life Insurance Rs 1.89 billion, Reliable Life Insurance Rs 1.19 billion, and Sun Nepal Life Insurance Rs 1.18 billion.

In the review period, the new business of Asian Life Insurance increased by 37.80 percent, IME Life Insurance by 84.88 percent, Sanima Reliance Life by 33.07 percent, Reliable Nepal Life Insurance by 55.75 percent, Prabhu Mahalaxmi Life by 32.14 percent, Met Life Insurance by 20.74 percent, Rastriya Life Insurance Company by 38.03 percent and Sun Nepal Life Insurance by 16.95 percent.