Life Insurance Sector Sees 6.33% Growth in Renewal Premiums in Seven Months

KATHMANDU – Nepal’s life insurance sector has witnessed a 6.33% year-on-year increase in renewal insurance premiums, reaching NPR 75.25 billion in the first seven months of the fiscal year 2081/82 (mid-July 2024 to mid-February 2025), according to data released by the Nepal Insurance Authority (NIA).

As of mid-February 2024, life insurance companies had generated NPR 70.77 billion in renewal premiums. The sector’s growth is being led by Nepal Life Insurance, which remains the market leader, reporting an 8.65% rise in renewal premiums, amounting to NPR 21.21 billion.

Other notable players include LIC Nepal, which saw a 7.57% increase in its renewal premiums, reaching NPR 8.12 billion. In contrast, Himalayan Life experienced a decline of 3.25%, bringing its total to NPR 8.36 billion.

Reliable Nepal Life achieved the highest growth among insurers, with renewal premiums soaring by 23.88%, reaching NPR 1.93 billion, up from NPR 1.56 billion the previous year. Citizen Life also showed strong performance, posting a 21.96% growth to reach NPR 2.81 billion.

Among other life insurers, National Life’s renewal premiums rose by 8.73% to NPR 8.42 billion, SuryaJyoti Life saw a 13.83% increase to NPR 4.41 billion, and Asian Life recorded a 12.82% rise to NPR 4 billion. However, Rastriya Beema Sansthan experienced a sharp decline of 28.32%, resulting in a total of NPR 3.31 billion in renewal premiums.

Sanima Reliance Life reported a 10.95% growth to NPR 2.79 billion, while MetLife’s premiums grew by 8.95% to NPR 2.63 billion. Other insurers such as Prabhu Mahalaxmi Life, IME Life, and Sun Nepal Life also posted strong increases in their renewal premiums. Prabhu Mahalaxmi Life saw a rise of 6.82%, totaling NPR 1.74 billion, while IME Life and Sun Nepal Life recorded significant growths of 18.45% and 16.64%, respectively.

The steady growth in renewal premiums highlights the continued expansion and competition within Nepal’s life insurance sector, with companies focusing on customer retention and improving their services to drive growth.