The insurance market in Nepal saw premiums surge by 22.74% to NPR57.53 billion (US$561 million) in the last fiscal year (FY2017) ended 15 July.
Life insurance premiums increased by 20% to NPR38.40 billion while nonlife premiums rose faster at 27.75% to NPR19.03 billion in FY2017, according to data from the Insurance Board (IB).
First-year premiums received by the country's nine life insurers totalled NPR10.56 billion, an increase of 11% over the previous year. Premiums from foreign employment policies, that Nepalese bound for working stints overseas are required to purchase, jumped by 41.7% to NPR2.58 billion in FY2017.
Among the nine life insurers, Nepal Life Insurance remained at the top of the list in terms of premium with INR12 billion in FY2017, 17.1% higher than in FY2016. However, National Life Insurance grew at the fastest pace of 29% with premiums reaching NPR4.95 billion, reported The Himalayan Times.
Among non-life insurance firms, Shikhar Insurance Company was the biggest with NPR2.77 billion in premiums in FY2017, representing growth of 38.4%.
Among the 17 nonlife insurers in the country, the two fastest growing were Neco and NB Insurance. Their premiums surged by 50.4% to NPR1.36 billion and 98.5% to NPR694 million respectively.