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DOCKING NEPAL’S ECONOMIC ANALYSIS
INTRODUCTION After years of moderate growth, Nepal’s Insurance sector is now seemingly headed for growth by leaps and bounds. The interest of general public towards insurance over the last few years has grown as more Nepalis are looking to get insured. With new entries and products, the growth of the risk-mitigation business is likely to accelerate over the next few years.
insurance industry took place during the 1990s after the government reformed the financial sector and liberalised the economy. These new policies led to the growth of insurance business in the private sector. Beema Samiti,(Insurance Board) an autonomous body, was established to develop, systemise, regularise and regulate the insurance business of Nepal under Insurance Act, 1992.
Evolution
The business of insurance is thriving, and insurers are gradually reaching out to many new parts of the country that previously remained out of the radar of the insurance sector. Presently, there are 37 insurance companies, 19 in life and 17 in non-life areas with 1 re-insurance company, operating with more than 400 branches across the country.
The development of insurance business is closely related to the beginning of industrialisation in Nepal around 1940. Insurance needs in Nepal were mostly met by Indian companies until the establishment of the Nepal Insurance and Transport Company, later renamed as the Nepal Insurance Company in 1947. The expansion of the Nepali Life Insurance Companies
Non- Life Insurance Companies
State owned
State owned
1. Rastriya Beema Sansthan
1. Rastriya Beema Company Ltd
Private Sector
Private Sector
2. National Life Insurance
2. Everest Insurance
3. Nepal Life Insurance
3. Himalayan General Insurance
4. Surya Life Insurance
4. Prudential Insurance
5. Prime Life Insurance
5. Neco Insurance
6. Asian Life Insurance
6. Premier Insurance
7.
7. Lumbini General Insurance
8. Gurans Life Insurance
8. IME General Insurance
9. Citizen Life insurance
9. United Insurance
10. Star Life insurance
10. Shikhar Insurance
11. Sun Nepal Life Insurance
11. Prabhu Insurance
12. Sanima Life Insurance
12. Siddhartha Insurance
13. Reliance Life Insurance
13. Nepal Insurance Company
14. Reliable Life Insurance
14. NLG Insurance Co. Ltd
15. IME Life Insurance
Foreign
16. Mahalaxmi Life Insurance
15. Oriental Insurance
17. Jyoti Life Insurance
Joint Venture
18. Union Life Insurance
16. Sagarmatha Insurance
Foreign
17. National Insurance CompanyLimited, Nepal (NICL)
19. Metlife Insurance
Joint Venture
Re-insurance Company
20. LIC Nepal
1. Nepal Re-insurance Co. Ltd.