Total life insurance premium increased by 52.09 percent

Aug Mon 2022 01:47:00

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Total life insurance premium increased by 52.09 percent

Kathmandu. In the last financial year, the total life insurance has increased by 52.09 percent. According to the statistics of the insurance committee, the number of insurance policies increased by 44 lakh 86 thousand 782 from the end of June last year to the end of June last year. By the end of June of the previous year, the total number of insurance policies was 86 lakh 12 thousand 850, which increased by 52.09 percent to 13 million 99 thousand 632 in the same period of last year.

According to the committee, total non-life insurance has also increased. By the end of June of the previous financial year, there were 27 lakh 31 thousand 773 insurance articles, which increased by 2.06 percent to 27 lakh 88 thousand 18 during the same period last year.

In addition to term, short-term and foreign employment insurance, life insurance, the number of life insurance policies also increased by 54.03 percent. During this period, the number of life insurance policies reached 53 lakh 1 thousand 567, while the number of term and short term life insurance policies reached 69 lakh 6 thousand 952. In the same period of the previous year, the number of term and short term life insurance policies was 79 lakh 26 thousand 203.

Similarly, the number of foreign employment insurance has also increased by 29.78 percent this year. By the end of June of the previous year, there were 686 thousand 647 insurance policies, and last year it increased to 891 thousand 113.

According to the committee, there has been an increase of 16.48 percent in total life insurance fee collection during this period. In the previous year, 1 trillion 52 billion 65 million insurance fees were collected during the same period last year, with an increase in the insurance fee collection, which reached 1 trillion 77 billion 81 billion rupees.

Similarly, the collection of life insurance fees has also increased by 14.63 percent. 1 trillion 20 billion 95 million rupees insurance fee was collected till the end of June last year, 1 trillion 38 billion 645 million rupees insurance fee was collected last year. Collection of non-life insurance fees has also increased by 23.56 percent. 31 billion 70 million insurance fees were collected till the end of June of the previous year.

According to the committee, the number of offices of insurance companies has also increased by 14.76 percent. Last year, the number of insurance company offices was 2,933, but this year the number has reached 3,366. Likewise, during this period, the number of insurance company employees increased by 10.31 percent to 11,861 people. It is mentioned in the statistics that during the same period of the previous year, 10 thousand 752 employees were employed in insurance companies.