November 9: The impact of the protracted recession in the economy has been seen in the business of non-life insurance companies. In the first quarter of the current fiscal year, the insurance premium collection of non-life insurance companies has decreased by more than 3.5 percent compared to the same period of the previous year.

According to the Nepal Insurance Authority, in the first quarter of the current fiscal year, 14 non-life insurance companies and two micro non-life insurance companies have collected Rs 10.45 billion in insurance fees. In the first quarter of the last fiscal year, insurance companies collected Rs 10.84 billion in insurance fees.

The insurance fee for the first quarter of the current year is 3.57 percent less compared to the corresponding period of the previous fiscal year.

Experts in this field say that insurance premiums have decreased due to the impact of economic recession on the insurance business.

According to the authority, Sagarmatha Lumbini Insurance Company has collected the highest insurance fee in the first quarter of the current fiscal year. It has collected a total insurance fee of Rs 1.31 during the review period.

Second is Siddhartha Premier Insurance Company. It has collected Rs 1.06 billion in insurance fee. Similarly, insurance fee collection of Shikhar Insurance, which is third in the list is, Rs 1.04 billion.

In the first quarter of the current fiscal year, the two micro non-life insurance companies in operation have collected Rs 9.1 million in insurance fees. During this period, Nepal Micro Insurance collected Rs 3.46 million and Protective Micro Insurance collected Rs 6.14 million.