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New Life Insurance Companies Performing Well in the Market

  1 min 28 sec to read

November 13: New life insurance companies, which have come into operation recently, have expedited the collection of premiums by issuing insurance premiums. The first quarter reports of insurance companies including IME, Jyoti, Reliable, Sun Nepal and Union Life show that they have collected Rs 58 million.

The first quarter reports of four insurance companies except Union Life Insurance are available at the Insurance Board.

According to the statistics, four insurance companies have collected premium of Rs 36.5 million in a short period. The four companies collected the amount by issuing 2,873 insurance premiums.

It is informed that Union Life Insurance, which is in process of submitting its first quarter report, has collected premium of Rs 21 million by issuing 483 insurance premiums. Similarly, IME Life Insurance has claimed that the company has collected more than Rs 10 million premium.

Ashish Singh, assistant general manager of IME, said that the company which has 20 branches currently will be adding 55 branches in this FY. Around three staff are working in every branch of the company, and a total of 68 employees are providing the services, said the company.

Likewise, Jyoti Life Insurance has collected Rs 20.36 million premium by issuing 77 insurance premiums. The company has 10 branches currently and will soon be adding seven branches. Also, Sun Nepal has collected premium of Rs 22.8 million by issuing 588,000 premiums.      

The government had provided license to seven insurance companies but some of the recently opened insurance companies have not provided any report yet. Sanima and Citizens life insurance companies started operation from October 19. The Insurance Board has requested all insurance companies that are in operations to submit the first quarter report within November 26.

 

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