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<p>According to the Insurance Committee of Nepal, the number of life insurance companies will reach 19 after the additional 10 companies come into operation. Currently, there are nine life insurance companies and 17 non-life insurance companies as well as one reinsurance company in Nepal. However, the committee's statistics says that only seven per cent of people have access to insurance.</p>
<p>"The statistics have only counted the surrender and more than one policies of each individual. So, the percentage is not more than five percent," says Ramesh Kumar Bhattarai, Former Executive Officer of Asian Life Insurance. </p>
<p> </p>
<p>The new companies are in the final stage of entering the market. Anticipating tough competition, both the operational life insurance companies as well as the new companies are preparing to come up with attractive policies and packages to woo their clients.</p>
<p> <strong>95 per cent people not insured</strong></p>
<p>According to Ramesh Kumar Bhattarai, former executive officer of Asian Life Insurance, 95 per cent of the total population is still out of reach from insurance.</p>
<p>"This is definitely an opportunity for the insurance companies. So, they should utilise this prospect to increase the market for insurance," shared Bhatttarai.</p>
<p>According to Bijay Kumar Sarawagi, chairman of Asian Life Insurance, the insurance market has not fostered due to the lack of awareness about insurance among the people. He said that the government's unfriendly policy towards the insurance sector is one of the reasons that has been hindering the growth of this sector.</p>
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<p>"In India, the waiver ceiling is Rs 100,000," he said, adding that addressing this problem would definitely help to improve this sector.</p>
<p>The insurance sector also lacks enough human resources. Experts believe that increase in the number of insurance companies will also create employment for many people.</p>
<p><strong>Employment for 27,000 people </strong></p>
<p>According to the operators of insurance companies, one insurance company requires around 200 employees and 2,500 insurance agents. Therefore, around 27,000 people will be required for 10 insurance companies. Sarawagi shared that as this business is dependent on insurance agents, they have a vital role to play in this sector.</p>
<p>"There is no practice of online insurance here so far. So, the people purchase insurance on the basis of trust they build with the agent,” he added.</p>
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<p>Experts say that this will increase competition among the insurance companies and create more benefits for the policyholders. It is also expected to create more employment opportunities.</p>
<p>According to the Insurance Committee of Nepal, the number of life insurance companies will reach 19 after the additional 10 companies come into operation. Currently, there are nine life insurance companies and 17 non-life insurance companies as well as one reinsurance company in Nepal. However, the committee's statistics says that only seven per cent of people have access to insurance.</p>
<p>"The statistics have only counted the surrender and more than one policies of each individual. So, the percentage is not more than five percent," says Ramesh Kumar Bhattarai, Former Executive Officer of Asian Life Insurance. </p>
<p> </p>
<p>The new companies are in the final stage of entering the market. Anticipating tough competition, both the operational life insurance companies as well as the new companies are preparing to come up with attractive policies and packages to woo their clients.</p>
<p> <strong>95 per cent people not insured</strong></p>
<p>According to Ramesh Kumar Bhattarai, former executive officer of Asian Life Insurance, 95 per cent of the total population is still out of reach from insurance.</p>
<p>"This is definitely an opportunity for the insurance companies. So, they should utilise this prospect to increase the market for insurance," shared Bhatttarai.</p>
<p>According to Bijay Kumar Sarawagi, chairman of Asian Life Insurance, the insurance market has not fostered due to the lack of awareness about insurance among the people. He said that the government's unfriendly policy towards the insurance sector is one of the reasons that has been hindering the growth of this sector.</p>
<p>Sarawagi said that the government has set the insurance waiver ceiling at Rs 20,000 for income tax, which is very less.</p>
<p>"In India, the waiver ceiling is Rs 100,000," he said, adding that addressing this problem would definitely help to improve this sector.</p>
<p>The insurance sector also lacks enough human resources. Experts believe that increase in the number of insurance companies will also create employment for many people.</p>
<p><strong>Employment for 27,000 people </strong></p>
<p>According to the operators of insurance companies, one insurance company requires around 200 employees and 2,500 insurance agents. Therefore, around 27,000 people will be required for 10 insurance companies. Sarawagi shared that as this business is dependent on insurance agents, they have a vital role to play in this sector.</p>
<p>"There is no practice of online insurance here so far. So, the people purchase insurance on the basis of trust they build with the agent,” he added.</p>
<p>According to the Insurance Committee, there are more than 75,000 insurance agents as of now. There are also quite a few number of passive agents in this sector. Experts say that the new companies entering the market might also bring changes in the passive agents.</p>
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<p>Experts say that this will increase competition among the insurance companies and create more benefits for the policyholders. It is also expected to create more employment opportunities.</p>
<p>According to the Insurance Committee of Nepal, the number of life insurance companies will reach 19 after the additional 10 companies come into operation. Currently, there are nine life insurance companies and 17 non-life insurance companies as well as one reinsurance company in Nepal. However, the committee's statistics says that only seven per cent of people have access to insurance.</p>
<p>"The statistics have only counted the surrender and more than one policies of each individual. So, the percentage is not more than five percent," says Ramesh Kumar Bhattarai, Former Executive Officer of Asian Life Insurance. </p>
<p> </p>
<p>The new companies are in the final stage of entering the market. Anticipating tough competition, both the operational life insurance companies as well as the new companies are preparing to come up with attractive policies and packages to woo their clients.</p>
<p> <strong>95 per cent people not insured</strong></p>
<p>According to Ramesh Kumar Bhattarai, former executive officer of Asian Life Insurance, 95 per cent of the total population is still out of reach from insurance.</p>
<p>"This is definitely an opportunity for the insurance companies. So, they should utilise this prospect to increase the market for insurance," shared Bhatttarai.</p>
<p>According to Bijay Kumar Sarawagi, chairman of Asian Life Insurance, the insurance market has not fostered due to the lack of awareness about insurance among the people. He said that the government's unfriendly policy towards the insurance sector is one of the reasons that has been hindering the growth of this sector.</p>
<p>Sarawagi said that the government has set the insurance waiver ceiling at Rs 20,000 for income tax, which is very less.</p>
<p>"In India, the waiver ceiling is Rs 100,000," he said, adding that addressing this problem would definitely help to improve this sector.</p>
<p>The insurance sector also lacks enough human resources. Experts believe that increase in the number of insurance companies will also create employment for many people.</p>
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<p>According to the operators of insurance companies, one insurance company requires around 200 employees and 2,500 insurance agents. Therefore, around 27,000 people will be required for 10 insurance companies. Sarawagi shared that as this business is dependent on insurance agents, they have a vital role to play in this sector.</p>
<p>"There is no practice of online insurance here so far. So, the people purchase insurance on the basis of trust they build with the agent,” he added.</p>
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<p>"The statistics have only counted the surrender and more than one policies of each individual. So, the percentage is not more than five percent," says Ramesh Kumar Bhattarai, Former Executive Officer of Asian Life Insurance. </p>
<p> </p>
<p>The new companies are in the final stage of entering the market. Anticipating tough competition, both the operational life insurance companies as well as the new companies are preparing to come up with attractive policies and packages to woo their clients.</p>
<p> <strong>95 per cent people not insured</strong></p>
<p>According to Ramesh Kumar Bhattarai, former executive officer of Asian Life Insurance, 95 per cent of the total population is still out of reach from insurance.</p>
<p>"This is definitely an opportunity for the insurance companies. So, they should utilise this prospect to increase the market for insurance," shared Bhatttarai.</p>
<p>According to Bijay Kumar Sarawagi, chairman of Asian Life Insurance, the insurance market has not fostered due to the lack of awareness about insurance among the people. He said that the government's unfriendly policy towards the insurance sector is one of the reasons that has been hindering the growth of this sector.</p>
<p>Sarawagi said that the government has set the insurance waiver ceiling at Rs 20,000 for income tax, which is very less.</p>
<p>"In India, the waiver ceiling is Rs 100,000," he said, adding that addressing this problem would definitely help to improve this sector.</p>
<p>The insurance sector also lacks enough human resources. Experts believe that increase in the number of insurance companies will also create employment for many people.</p>
<p><strong>Employment for 27,000 people </strong></p>
<p>According to the operators of insurance companies, one insurance company requires around 200 employees and 2,500 insurance agents. Therefore, around 27,000 people will be required for 10 insurance companies. Sarawagi shared that as this business is dependent on insurance agents, they have a vital role to play in this sector.</p>
<p>"There is no practice of online insurance here so far. So, the people purchase insurance on the basis of trust they build with the agent,” he added.</p>
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<p>"The statistics have only counted the surrender and more than one policies of each individual. So, the percentage is not more than five percent," says Ramesh Kumar Bhattarai, Former Executive Officer of Asian Life Insurance. </p>
<p> </p>
<p>The new companies are in the final stage of entering the market. Anticipating tough competition, both the operational life insurance companies as well as the new companies are preparing to come up with attractive policies and packages to woo their clients.</p>
<p> <strong>95 per cent people not insured</strong></p>
<p>According to Ramesh Kumar Bhattarai, former executive officer of Asian Life Insurance, 95 per cent of the total population is still out of reach from insurance.</p>
<p>"This is definitely an opportunity for the insurance companies. So, they should utilise this prospect to increase the market for insurance," shared Bhatttarai.</p>
<p>According to Bijay Kumar Sarawagi, chairman of Asian Life Insurance, the insurance market has not fostered due to the lack of awareness about insurance among the people. He said that the government's unfriendly policy towards the insurance sector is one of the reasons that has been hindering the growth of this sector.</p>
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<p>The insurance sector also lacks enough human resources. Experts believe that increase in the number of insurance companies will also create employment for many people.</p>
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<p>"The statistics have only counted the surrender and more than one policies of each individual. So, the percentage is not more than five percent," says Ramesh Kumar Bhattarai, Former Executive Officer of Asian Life Insurance. </p>
<p> </p>
<p>The new companies are in the final stage of entering the market. Anticipating tough competition, both the operational life insurance companies as well as the new companies are preparing to come up with attractive policies and packages to woo their clients.</p>
<p> <strong>95 per cent people not insured</strong></p>
<p>According to Ramesh Kumar Bhattarai, former executive officer of Asian Life Insurance, 95 per cent of the total population is still out of reach from insurance.</p>
<p>"This is definitely an opportunity for the insurance companies. So, they should utilise this prospect to increase the market for insurance," shared Bhatttarai.</p>
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<p>"In India, the waiver ceiling is Rs 100,000," he said, adding that addressing this problem would definitely help to improve this sector.</p>
<p>The insurance sector also lacks enough human resources. Experts believe that increase in the number of insurance companies will also create employment for many people.</p>
<p><strong>Employment for 27,000 people </strong></p>
<p>According to the operators of insurance companies, one insurance company requires around 200 employees and 2,500 insurance agents. Therefore, around 27,000 people will be required for 10 insurance companies. Sarawagi shared that as this business is dependent on insurance agents, they have a vital role to play in this sector.</p>
<p>"There is no practice of online insurance here so far. So, the people purchase insurance on the basis of trust they build with the agent,” he added.</p>
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10 New Companies to Open up New Avenues in Insurance Market
2 min 50 sec to read
June 30: With 10 new life insurance companies about to hit the market, the overall business of the country as well as the concerned sector is expected to witness some good prospects in the near future.
Experts say that this will increase competition among the insurance companies and create more benefits for the policyholders. It is also expected to create more employment opportunities.
According to the Insurance Committee of Nepal, the number of life insurance companies will reach 19 after the additional 10 companies come into operation. Currently, there are nine life insurance companies and 17 non-life insurance companies as well as one reinsurance company in Nepal. However, the committee's statistics says that only seven per cent of people have access to insurance.
"The statistics have only counted the surrender and more than one policies of each individual. So, the percentage is not more than five percent," says Ramesh Kumar Bhattarai, Former Executive Officer of Asian Life Insurance.
The new companies are in the final stage of entering the market. Anticipating tough competition, both the operational life insurance companies as well as the new companies are preparing to come up with attractive policies and packages to woo their clients.
95 per cent people not insured
According to Ramesh Kumar Bhattarai, former executive officer of Asian Life Insurance, 95 per cent of the total population is still out of reach from insurance.
"This is definitely an opportunity for the insurance companies. So, they should utilise this prospect to increase the market for insurance," shared Bhatttarai.
According to Bijay Kumar Sarawagi, chairman of Asian Life Insurance, the insurance market has not fostered due to the lack of awareness about insurance among the people. He said that the government's unfriendly policy towards the insurance sector is one of the reasons that has been hindering the growth of this sector.
Sarawagi said that the government has set the insurance waiver ceiling at Rs 20,000 for income tax, which is very less.
"In India, the waiver ceiling is Rs 100,000," he said, adding that addressing this problem would definitely help to improve this sector.
The insurance sector also lacks enough human resources. Experts believe that increase in the number of insurance companies will also create employment for many people.
Employment for 27,000 people
According to the operators of insurance companies, one insurance company requires around 200 employees and 2,500 insurance agents. Therefore, around 27,000 people will be required for 10 insurance companies. Sarawagi shared that as this business is dependent on insurance agents, they have a vital role to play in this sector.
"There is no practice of online insurance here so far. So, the people purchase insurance on the basis of trust they build with the agent,” he added.
According to the Insurance Committee, there are more than 75,000 insurance agents as of now. There are also quite a few number of passive agents in this sector. Experts say that the new companies entering the market might also bring changes in the passive agents.
Bhattarai said that though there are around 300 BFIs in Nepal, not more than 50 per cent citizens are have access to such institutions.
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<p>Experts say that this will increase competition among the insurance companies and create more benefits for the policyholders. It is also expected to create more employment opportunities.</p>
<p>According to the Insurance Committee of Nepal, the number of life insurance companies will reach 19 after the additional 10 companies come into operation. Currently, there are nine life insurance companies and 17 non-life insurance companies as well as one reinsurance company in Nepal. However, the committee's statistics says that only seven per cent of people have access to insurance.</p>
<p>"The statistics have only counted the surrender and more than one policies of each individual. So, the percentage is not more than five percent," says Ramesh Kumar Bhattarai, Former Executive Officer of Asian Life Insurance. </p>
<p> </p>
<p>The new companies are in the final stage of entering the market. Anticipating tough competition, both the operational life insurance companies as well as the new companies are preparing to come up with attractive policies and packages to woo their clients.</p>
<p> <strong>95 per cent people not insured</strong></p>
<p>According to Ramesh Kumar Bhattarai, former executive officer of Asian Life Insurance, 95 per cent of the total population is still out of reach from insurance.</p>
<p>"This is definitely an opportunity for the insurance companies. So, they should utilise this prospect to increase the market for insurance," shared Bhatttarai.</p>
<p>According to Bijay Kumar Sarawagi, chairman of Asian Life Insurance, the insurance market has not fostered due to the lack of awareness about insurance among the people. He said that the government's unfriendly policy towards the insurance sector is one of the reasons that has been hindering the growth of this sector.</p>
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<p>"In India, the waiver ceiling is Rs 100,000," he said, adding that addressing this problem would definitely help to improve this sector.</p>
<p>The insurance sector also lacks enough human resources. Experts believe that increase in the number of insurance companies will also create employment for many people.</p>
<p><strong>Employment for 27,000 people </strong></p>
<p>According to the operators of insurance companies, one insurance company requires around 200 employees and 2,500 insurance agents. Therefore, around 27,000 people will be required for 10 insurance companies. Sarawagi shared that as this business is dependent on insurance agents, they have a vital role to play in this sector.</p>
<p>"There is no practice of online insurance here so far. So, the people purchase insurance on the basis of trust they build with the agent,” he added.</p>
<p>According to the Insurance Committee, there are more than 75,000 insurance agents as of now. There are also quite a few number of passive agents in this sector. Experts say that the new companies entering the market might also bring changes in the passive agents.</p>
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<p>Experts say that this will increase competition among the insurance companies and create more benefits for the policyholders. It is also expected to create more employment opportunities.</p>
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<p>"The statistics have only counted the surrender and more than one policies of each individual. So, the percentage is not more than five percent," says Ramesh Kumar Bhattarai, Former Executive Officer of Asian Life Insurance. </p>
<p> </p>
<p>The new companies are in the final stage of entering the market. Anticipating tough competition, both the operational life insurance companies as well as the new companies are preparing to come up with attractive policies and packages to woo their clients.</p>
<p> <strong>95 per cent people not insured</strong></p>
<p>According to Ramesh Kumar Bhattarai, former executive officer of Asian Life Insurance, 95 per cent of the total population is still out of reach from insurance.</p>
<p>"This is definitely an opportunity for the insurance companies. So, they should utilise this prospect to increase the market for insurance," shared Bhatttarai.</p>
<p>According to Bijay Kumar Sarawagi, chairman of Asian Life Insurance, the insurance market has not fostered due to the lack of awareness about insurance among the people. He said that the government's unfriendly policy towards the insurance sector is one of the reasons that has been hindering the growth of this sector.</p>
<p>Sarawagi said that the government has set the insurance waiver ceiling at Rs 20,000 for income tax, which is very less.</p>
<p>"In India, the waiver ceiling is Rs 100,000," he said, adding that addressing this problem would definitely help to improve this sector.</p>
<p>The insurance sector also lacks enough human resources. Experts believe that increase in the number of insurance companies will also create employment for many people.</p>
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<p>According to the operators of insurance companies, one insurance company requires around 200 employees and 2,500 insurance agents. Therefore, around 27,000 people will be required for 10 insurance companies. Sarawagi shared that as this business is dependent on insurance agents, they have a vital role to play in this sector.</p>
<p>"There is no practice of online insurance here so far. So, the people purchase insurance on the basis of trust they build with the agent,” he added.</p>
<p>According to the Insurance Committee, there are more than 75,000 insurance agents as of now. There are also quite a few number of passive agents in this sector. Experts say that the new companies entering the market might also bring changes in the passive agents.</p>
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<p>"The statistics have only counted the surrender and more than one policies of each individual. So, the percentage is not more than five percent," says Ramesh Kumar Bhattarai, Former Executive Officer of Asian Life Insurance. </p>
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<p>The new companies are in the final stage of entering the market. Anticipating tough competition, both the operational life insurance companies as well as the new companies are preparing to come up with attractive policies and packages to woo their clients.</p>
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<p>"This is definitely an opportunity for the insurance companies. So, they should utilise this prospect to increase the market for insurance," shared Bhatttarai.</p>
<p>According to Bijay Kumar Sarawagi, chairman of Asian Life Insurance, the insurance market has not fostered due to the lack of awareness about insurance among the people. He said that the government's unfriendly policy towards the insurance sector is one of the reasons that has been hindering the growth of this sector.</p>
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<p>The insurance sector also lacks enough human resources. Experts believe that increase in the number of insurance companies will also create employment for many people.</p>
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<p>According to the operators of insurance companies, one insurance company requires around 200 employees and 2,500 insurance agents. Therefore, around 27,000 people will be required for 10 insurance companies. Sarawagi shared that as this business is dependent on insurance agents, they have a vital role to play in this sector.</p>
<p>"There is no practice of online insurance here so far. So, the people purchase insurance on the basis of trust they build with the agent,” he added.</p>
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<p>"The statistics have only counted the surrender and more than one policies of each individual. So, the percentage is not more than five percent," says Ramesh Kumar Bhattarai, Former Executive Officer of Asian Life Insurance. </p>
<p> </p>
<p>The new companies are in the final stage of entering the market. Anticipating tough competition, both the operational life insurance companies as well as the new companies are preparing to come up with attractive policies and packages to woo their clients.</p>
<p> <strong>95 per cent people not insured</strong></p>
<p>According to Ramesh Kumar Bhattarai, former executive officer of Asian Life Insurance, 95 per cent of the total population is still out of reach from insurance.</p>
<p>"This is definitely an opportunity for the insurance companies. So, they should utilise this prospect to increase the market for insurance," shared Bhatttarai.</p>
<p>According to Bijay Kumar Sarawagi, chairman of Asian Life Insurance, the insurance market has not fostered due to the lack of awareness about insurance among the people. He said that the government's unfriendly policy towards the insurance sector is one of the reasons that has been hindering the growth of this sector.</p>
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<p>"In India, the waiver ceiling is Rs 100,000," he said, adding that addressing this problem would definitely help to improve this sector.</p>
<p>The insurance sector also lacks enough human resources. Experts believe that increase in the number of insurance companies will also create employment for many people.</p>
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<p>According to the operators of insurance companies, one insurance company requires around 200 employees and 2,500 insurance agents. Therefore, around 27,000 people will be required for 10 insurance companies. Sarawagi shared that as this business is dependent on insurance agents, they have a vital role to play in this sector.</p>
<p>"There is no practice of online insurance here so far. So, the people purchase insurance on the basis of trust they build with the agent,” he added.</p>
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<p>"The statistics have only counted the surrender and more than one policies of each individual. So, the percentage is not more than five percent," says Ramesh Kumar Bhattarai, Former Executive Officer of Asian Life Insurance. </p>
<p> </p>
<p>The new companies are in the final stage of entering the market. Anticipating tough competition, both the operational life insurance companies as well as the new companies are preparing to come up with attractive policies and packages to woo their clients.</p>
<p> <strong>95 per cent people not insured</strong></p>
<p>According to Ramesh Kumar Bhattarai, former executive officer of Asian Life Insurance, 95 per cent of the total population is still out of reach from insurance.</p>
<p>"This is definitely an opportunity for the insurance companies. So, they should utilise this prospect to increase the market for insurance," shared Bhatttarai.</p>
<p>According to Bijay Kumar Sarawagi, chairman of Asian Life Insurance, the insurance market has not fostered due to the lack of awareness about insurance among the people. He said that the government's unfriendly policy towards the insurance sector is one of the reasons that has been hindering the growth of this sector.</p>
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<p>"In India, the waiver ceiling is Rs 100,000," he said, adding that addressing this problem would definitely help to improve this sector.</p>
<p>The insurance sector also lacks enough human resources. Experts believe that increase in the number of insurance companies will also create employment for many people.</p>
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<p>According to the operators of insurance companies, one insurance company requires around 200 employees and 2,500 insurance agents. Therefore, around 27,000 people will be required for 10 insurance companies. Sarawagi shared that as this business is dependent on insurance agents, they have a vital role to play in this sector.</p>
<p>"There is no practice of online insurance here so far. So, the people purchase insurance on the basis of trust they build with the agent,” he added.</p>
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<p>"The statistics have only counted the surrender and more than one policies of each individual. So, the percentage is not more than five percent," says Ramesh Kumar Bhattarai, Former Executive Officer of Asian Life Insurance. </p>
<p> </p>
<p>The new companies are in the final stage of entering the market. Anticipating tough competition, both the operational life insurance companies as well as the new companies are preparing to come up with attractive policies and packages to woo their clients.</p>
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<p>According to Ramesh Kumar Bhattarai, former executive officer of Asian Life Insurance, 95 per cent of the total population is still out of reach from insurance.</p>
<p>"This is definitely an opportunity for the insurance companies. So, they should utilise this prospect to increase the market for insurance," shared Bhatttarai.</p>
<p>According to Bijay Kumar Sarawagi, chairman of Asian Life Insurance, the insurance market has not fostered due to the lack of awareness about insurance among the people. He said that the government's unfriendly policy towards the insurance sector is one of the reasons that has been hindering the growth of this sector.</p>
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<p>"In India, the waiver ceiling is Rs 100,000," he said, adding that addressing this problem would definitely help to improve this sector.</p>
<p>The insurance sector also lacks enough human resources. Experts believe that increase in the number of insurance companies will also create employment for many people.</p>
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<p>According to the operators of insurance companies, one insurance company requires around 200 employees and 2,500 insurance agents. Therefore, around 27,000 people will be required for 10 insurance companies. Sarawagi shared that as this business is dependent on insurance agents, they have a vital role to play in this sector.</p>
<p>"There is no practice of online insurance here so far. So, the people purchase insurance on the basis of trust they build with the agent,” he added.</p>
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<p>According to the Insurance Committee of Nepal, the number of life insurance companies will reach 19 after the additional 10 companies come into operation. Currently, there are nine life insurance companies and 17 non-life insurance companies as well as one reinsurance company in Nepal. However, the committee's statistics says that only seven per cent of people have access to insurance.</p>
<p>"The statistics have only counted the surrender and more than one policies of each individual. So, the percentage is not more than five percent," says Ramesh Kumar Bhattarai, Former Executive Officer of Asian Life Insurance. </p>
<p> </p>
<p>The new companies are in the final stage of entering the market. Anticipating tough competition, both the operational life insurance companies as well as the new companies are preparing to come up with attractive policies and packages to woo their clients.</p>
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<p>According to Ramesh Kumar Bhattarai, former executive officer of Asian Life Insurance, 95 per cent of the total population is still out of reach from insurance.</p>
<p>"This is definitely an opportunity for the insurance companies. So, they should utilise this prospect to increase the market for insurance," shared Bhatttarai.</p>
<p>According to Bijay Kumar Sarawagi, chairman of Asian Life Insurance, the insurance market has not fostered due to the lack of awareness about insurance among the people. He said that the government's unfriendly policy towards the insurance sector is one of the reasons that has been hindering the growth of this sector.</p>
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<p>The insurance sector also lacks enough human resources. Experts believe that increase in the number of insurance companies will also create employment for many people.</p>
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<p>According to the operators of insurance companies, one insurance company requires around 200 employees and 2,500 insurance agents. Therefore, around 27,000 people will be required for 10 insurance companies. Sarawagi shared that as this business is dependent on insurance agents, they have a vital role to play in this sector.</p>
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<p>"The statistics have only counted the surrender and more than one policies of each individual. So, the percentage is not more than five percent," says Ramesh Kumar Bhattarai, Former Executive Officer of Asian Life Insurance. </p>
<p> </p>
<p>The new companies are in the final stage of entering the market. Anticipating tough competition, both the operational life insurance companies as well as the new companies are preparing to come up with attractive policies and packages to woo their clients.</p>
<p> <strong>95 per cent people not insured</strong></p>
<p>According to Ramesh Kumar Bhattarai, former executive officer of Asian Life Insurance, 95 per cent of the total population is still out of reach from insurance.</p>
<p>"This is definitely an opportunity for the insurance companies. So, they should utilise this prospect to increase the market for insurance," shared Bhatttarai.</p>
<p>According to Bijay Kumar Sarawagi, chairman of Asian Life Insurance, the insurance market has not fostered due to the lack of awareness about insurance among the people. He said that the government's unfriendly policy towards the insurance sector is one of the reasons that has been hindering the growth of this sector.</p>
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<p>"In India, the waiver ceiling is Rs 100,000," he said, adding that addressing this problem would definitely help to improve this sector.</p>
<p>The insurance sector also lacks enough human resources. Experts believe that increase in the number of insurance companies will also create employment for many people.</p>
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<p>According to the operators of insurance companies, one insurance company requires around 200 employees and 2,500 insurance agents. Therefore, around 27,000 people will be required for 10 insurance companies. Sarawagi shared that as this business is dependent on insurance agents, they have a vital role to play in this sector.</p>
<p>"There is no practice of online insurance here so far. So, the people purchase insurance on the basis of trust they build with the agent,” he added.</p>
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),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '6106',
'hit' => '1187'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
$xml = false
simplexml_load_file - [internal], line ??
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/view.ctp, line 391
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
