May 19: A report prepared by the Nepal Insurance Authority (NIA) shows that Bagmati Province is ahead in the insurance sector as well as in other sectors. As the insurance companies are concentrated only in Bagmati Province, the insurance fee collected by the insurance companies in other provinces is lower than that of Bagmati Province.

According to the Nepal Insurance Authority, the number of active non-life insurance policies till mid-April of the current fiscal year is 2.1 million of which 45.15 per cent is in Bagmati province. The lowest number of active non-life insurance policies is in Karnali Province at 2.18 per cent and the second lowest in Sudurpaschim Province at 5.14 per cent.

The number of active life insurance policies has reached 14.1 million by mid-April. Among them, 72.22 per cent is in Bagmati Province. The lowest number of active life insurance policies is 1.44 per cent in Karnali Province, the second lowest is 3.19 per cent in Sudurpaschim Province and the third lowest is 3.59 per cent in Madhesh Province.

The report shows that about 50 per cent of the insurance fee comes from Bagmati alone. Insurance companies have earned Rs 134 billion in insurance fees from all over the country in the nine months of the current fiscal year. Of that, 49.72 per cent (Rs 67 billion) has been collected from Bagmati Province. According to the authority, the non-life insurance companies have collected insurance fees of Rs 30 billion as of mid-April. They have collected 66.25 per cent (19.88 billion rupees) of the total insurance fee from Bagmati Province alone. Similarly, they collected Rs 2.73 billion from Lumbini Province and Rs 2.62 billion from Koshi Province.

Similarly, life insurance companies have collected Rs 104 billion in insurance fees till mid-April of the current year.

Out of that, Rs 47.11 billion have been collected from Bagmati Province. This is 44.99 per cent of the total insurance fee. Likewise, Rs 15.26 billion was collected from Lumbini Province and Rs 12.61 billion from Koshi Province.

Chairman of Nepal Insurance Authority Surya Prasad Silwal said that the authority is conducting continuous insurance awareness programs across the country. According to Silwal, in the current fiscal year alone, the authority has organized more than 100 insurance awareness and interaction programs at the local level.

He said that since Bagmati Province has the largest number of industries, companies, and transportation in the country, it is usual that the share of insurance is higher in the province. Silwal said that since the share of insurance in other provinces is low, insurance awareness is the priority of the authority.

As citizens become aware of insurance, the scope of insurance will gradually increase in other provinces as well, he said.