Non-Life Insurance Sector Sees 9.34% Growth, Boosted by Economic Activity and Vehicle Sales

Kathmandu, The non-life insurance sector in Nepal has seen significant growth in the current financial year, with total business increasing by 9.34% by the end of Bhadra month. This rise is attributed to increased economic activity and a surge in vehicle sales following the NADA Auto Show.

 

Nepal Insurance Company recorded the highest growth in Bhadra, with its business soaring by 85%. The Oriental Insurance followed closely, reporting a 34% increase in its total premiums, while National Insurance Company saw a 23.92% rise. Siddharth Premier Insurance also showed strong performance, growing by 10.78%.

 

Saliko Insurance, known for leading the non-life insurance market, reported a 10.66% growth while Shikhar Insurance grew by 9.21%. Bhadra month proved to be a particularly successful month for Saliko, which generated the highest business volume during this period.

 

In contrast, Himalayan Everest Insurance experienced a 6% decline in business. However, Neco Insurance Company saw an 11.87% growth, and NLG Insurance also ranked among the top performers, achieving a 12.28% increase in its business.

 

The overall uptick in the non-life insurance sector is largely driven by an active economic environment and a rise in vehicle purchases, indicating positive momentum in the industry.