Insurance Sector Collects NPR 160 Billion by Mid-April

Kathmandu. An amount equivalent to NPR 127 billion 690 million has been collected through life insurance premiums.

According to the economic survey of the current fiscal year published by the Ministry of Finance, non-life insurance premiums amounting to NPR 32 billion 530 million have been collected. The total insurance premium has increased by 16.1 percent to NPR 160 billion 220 million by the end of February of the current fiscal year compared to the end of February 2081 BS.

As of the end of February last year, among the active insurance policies, the number of life insurance policies was 16,259,832 and the number of non-life insurance policies was 2,168,045. The survey states that by the end of February of the current fiscal year, an amount of NPR 26 billion 840 million has been paid under 125,830 insurance claims for life insurance.

An amount of NPR 17 billion 310 million has been paid under 94,215 insurance claims for non-life insurance. A total of 12,430 people have received direct employment in the insurance sector, including life and micro-life insurance. According to the survey, approximately 412,452 agents are indirectly employed by the end of February 2081 BS.

1,224 surveyors and 16 reinsurance agents who assess the damage in non-life insurance business have been employed.

Similarly, by the end of Poush last year, the assets and liabilities of the Employees Provident Fund had reached NPR 642 billion 350 million. During that period, the accumulated amount of the contributors was NPR 578 billion 60 million.

The fund has invested an amount equivalent to NPR 229 billion 490 million in various sectors. Similarly, it has provided loans and advances equivalent to NPR 381 billion 610 million.

According to the survey, by the end of Poush last year, the assets and liabilities of the Citizen Investment Fund had reached NPR 319 billion 500 million. During that period, the accumulated amount of the savers was NPR 282 billion 370 million. The fund has invested NPR 192 billion 940 million in various sectors. It has provided loans and advances equivalent to NPR 91 billion 560 million.