November 5: Life insurance companies collected around Rs 41 billion in insurance premium in the first quarter of the current fiscal year (FY) 2080/81.

According to the Nepal Insurance Authority, in the first quarter of FY 2080/81, a total of 14 life insurance companies collected Rs 40.80 billion in insurance fee while two micro life insurance companies collected Rs 3 million.

According to the authority, the 14 life insurance companies had collected insurance premium worth Rs 35.77 billion in the first three months of the last fiscal year – FY 2079/80. Compared to the corresponding period of last fiscal year, the collection of insurance premium in the current fiscal year increased by 14 percent.

In the first quarter of the year 2080/81, Nepal Life Insurance Company collected topped the list of insurance companies collecting the most insurance fee. Nepal Life Insurance collected Rs 10.95 billion insurance fee during this period. LIC Nepal, which is second in the list of life insurance companies collecting the highest insurance fees, collected Rs 4.5 billion followed by Himalayan Life Insurance Company, which has collected Rs 4.38 billion in insurance fees.

Similarly, two micro life insurance companies have collected insurance fees of Rs 3 million in the first quarter of FY 2080/81. During this period, Guardian Micro Life Insurance Company collected Rs 1.9 million and Crest Micro Life Insurance Company collected Rs 1.1 million in insurance fee.