Insurance Company; past & present in Nepal

Nepal Insurance and Transport Company (named as Nepal Insurance Company later) was the first insurance company in Nepal established in 1947 by Nepal Bank Limited as the subsidiary company. After the establishment of 21 years of Nepal Insurance Company, Rastriya Beema Sansthan (RBS) was established in 1968. Before that, Indian insurance companies met the insurance need of Nepal.

Prior to the enactment of Insurance Act 1968, there was no regulatory body to supervise insurance business in the country. Under the insurance act 1968, Beema Samiti was formulated as the insurance supervisory Authority.

In 1986, National Life and General Insurance Company Limited was licensed as the first insurance company in the private sector with minority interest of foreign equity. Nepal Life Insurance Company Limited, Life Insurance Corporation (Nepal) Limited and Met Life ALICO were licensed in 2001. After then, Asian Life Insurance Company Limited, Surya Life Insurance Company Limited, Guras Life Insurance Company Limited and Prime Life Insurance Company Limited were licensed in 2008.

Nepal Insurance Company Limited was the first non life Insurance Company established in 1947. Rastriya Beema Sansthan (Government owned organization) was a composite organization for both life and non-life business but now operating life and non-life separately. Other Non life insurance companies such as Himalayan General Insurance Company Limited and United Insurance Company limited were licensed in 1973. Similarly, Premier Insurance and Everest Insurance Company Limited were licensed in 1994. Neco Insurance, Sagarmatha Insurance and Alliance Insurance Company were licensed in 1996. N.B Insurance was licensed in 2000; prudential Insurance in 2002, Shikhar Insurance in 2004 and Lumbini Insurance, Siddhartha Insurance and NLG Insurance company Limited were licensed in 2005.

According to the Insurance act 1968, Insurance Board i.e Beema Samiti is a sole authority to regulate the insurance activities within Nepal.

Listed Life Insurance Company in NEPSE with their Paid Up Capital.

S.N	SYMBOL	COMPANY	LISTED SHARE	PAID UP (Rs)	T. PAID UP (Rs)
1	ALICL	Asian Life Insurance Company Limited	6,707,504	100	670,750,400
2	GLICL	Guras Life Insurance Company Limited	5,500,000	100	550,000,000
3	LICN	Life Insurance Company Nepal	10,694,531	100	1,069,453,100
4	NLICL	National LifeInsu. Company Limited	10,241,058	100	1,024,105,800
5	NLIC	Nepal Life Insurance Company Limited	21,675,000	100	2,167,500,000
6	PLIC	Prime Life Insurance Company Limited	4,881,600	100	488,160,000
7	SLICL	Surya Life Insurance Company Limited	5,000,174	100	500,017,400

Listed Non-life Insurance Company in NEPSE with their Paid Up Capital.

S.N	SYMBOL	COMPANY	LISTED SHARE	PAID UP (Rs)	T. PAID UP (Rs)
1	EIC	Everest Insurance Company Limited	1,012,500	100	101,250,000
2	HGI	Himalayan Gen. Insu. Company Limited	3,210,052	100	321,005,200
3	LGIL	Lumbini General Insurance Limited	3,312,780	100	331,278,000
4	NBIL	NB Insurance Company Limited	1,500,000	100	150,000,000
5	NIL	Neco Insurance Company Limited	3,240,435	100	324,043,500
6	NICL	Nepal Insurance Company Limited	2,872,093	100	287,209,300
7	NLG	NLG Insurance Company Limited	4,000,000	100	400,000,000
8	PRIN	Prabhu Insurance Co. Ltd.	3,411,169	100	341,116,900
9	PIC	Premier Insurance Company Limited	3,737,531	100	373,753,100
10	PICL	Prudential Insurance Company Limited	3,564,000	100	356,400,000
11	RBCL	Rastriya Beema Company Limited	828,999	100	82,899,900
12	SIC	Sagarmatha Insurance Company Limited	4,412,229	100	441,222,900
13	SICL	Shikhar Insurance Company Limited	5,068,994	100	506,899,400
14	SIL	Siddhartha Insurance Limited	3,448,500	100	344,850,000
15	UIC	United Insurance Company(Nepal) Limited	3,024,000	100	302,400,000

Non-life Insurance Company performance in Fiscal Year 2072/73.

S.N	Name if Company	Paid Up (In Crore)	Net profit (In Crore)	EPS (Rs.)	Net Worth (Rs.)	Growth  %
1	Shikhar Insurance	50.98	31.02	64.06	282.61	42.08
2	Sagarmatha Insurance	44.12	18.38	41.67	226.71	145.01
3	NLG Insurance	40.98	20.11	49.02	251.22	31.61
4	Premier Insurance	37.37	18.57	49.69	200.34	27.01
5	Prudential Insurance	35.64	15.01	42.12	214.82	11.19
6	Siddhartha Insurance	34.48	20	58.01	248.63	17.72
7	Lumbini General Ins.	33	15.59	47.26	219.52	131
8	Prabhu Insurance	32.9	14.86	45	207	54.95
9	Neco Insurance	32.4	12.6	38.9	205.32	36.81
10	Nepal Insurance	28.76	5.14	17.9	163.69	341.3
11	Himalayan Gen. Insurance	28.76	12.79	39.75	219.88	-9.67
12	United Insurance	25.2	8.25	32.74	195.37	1457
13	NB Insurance	24.49	4.36	17.8	81.56	14.74
14	Rastriya Beema Company	12.44	16.37	131.63	2331.77	-8.59
15	Everest Insurance	12.44	3.97	27.79	317.06	41.28

Non-life Insurance Companies' Net profit increased to 217 Crore from 153 Crore as compared to last year's profit which is around 42% more than previous year.  Among 15 non-life insurance companies, Shikhar Insurance Company has made highest profit in this fiscal year where as growth rate of United Insurance Company is highest of all.

Life Insurance Companies Premium Collection Growth Rate.

S.N	NAME OF COMPANY	PREMIUM IN F.Y 2073 (Round down to Crore)	PREMIUM IN F.Y 2072 (Round down to Crore)	GROWTH%
1	Nepal Life Insurance	1023	799	27.91
2	Life Insurance Corporation	714	533	33.98
3	National Life Insurance	373	282	32.42
4	Rastriya Beema Sasthan	274	246	11.45
5	Met Life Insurance (ALICO)	252	196	28.75
6	Asian Life Insurance	221	164	21.71
7	Prime Life Insurance	172	127	35.51
8	Surya Life Insurance	105	62	68.51
9	Guras Life Insurance	96	67	42.17

Life Insurance Companies have expanded their business more than 30% than previous year. Total premium collection in fiscal year 2072 was around 2448 crore where as premium reaches to 3213 Crore in this fiscal year.

In this way, life and non life companies are expanding their business in Nepal day by day.