A number of merger agreements have been signed in both the life and non-life insurance sectors in the last one year, with M&A activity intensifying after the Nepal Insurance Authority (NIA) raised minimum paid-up capital requirements for insurers.
Himalayan Re, the first private-sector reinsurance company in Nepal, is expected to complete a public listing in the near term, notes AM Best.
The Nepal Insurance Authority (NIA) has issued licences for microinsurance business to seven companies.
The Nepal Insurance Authority (NIA) has formally begun operations with the coming into force of the amended Insurance Act on 8 November 2022.
The Insurance Board (IB) has started settling COVID-19 insurance claims that had been suspended for some time.
The National Assembly, the upper house of Nepal's Parliament, has endorsed an insurance Bill to amend the existing insurance law.
Domestic insurers in Nepal are unable to settle their claims of their policyholders as the overseas reinsurers have defaulted on paying the reinsurance claims made by the insurers. Nepal's domestic insurers have to recover around NPR3bn ($23.7m) from overseas reinsurers.
The Insurance Board (IB), that supervises the insurance sector, has opened the door to applications for licences for microinsurance companies.
The Insurance Board (IB) has provided licences to 10 companies to carry out reinsurance brokerage.
Nepali life insurance companies collected premiums totalling NPR138.64bn ($1.09bn) in the fiscal year ended 15 July 2022 (FY22), according to the insurance regulator Beema Samiti.