News Article

Life insurance companies collect Rs 2.87 billion in foreign employment insurance premiums

By Republica

Published: June 29, 2024 07:05 PM

KATHMANDU, June 29: Life insurance companies have issued foreign employment insurance premiums totaling Rs 2.87 billion in the first 11 months of the current Fiscal Year (FY) 2023/24.

Out of the 14 life insurance companies, 10 have actively issued these insurance premiums. According to data from the Nepal Insurance Authority, a total of 2.68 million insurance premiums have been issued, amounting to Rs 2.87 billion.

Sun Nepal Life Insurance leads with the highest collection of Rs 747.9 million in total insurance premiums for foreign employment insurance.

Nepal Life follows closely with Rs 580 million and IME Life ranks third with Rs 341 million in insurance premiums collected.

Prabhu Mahalaxmi Life Insurance reported the lowest collection of Rs 1.8 million for foreign employment insurance premiums.

In the month of Jestha alone (mid-May to mid-June), insurance companies collected a total of Rs 296.6 million in premiums for foreign employment insurance, selling 71,078 insurance premiums according to the authority's statistics.

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