Insurance companies in Nepal
The insurance company started in 1947 for the first time in Nepal. Currently, there are 40 various types of insurance companies in Nepal.
Insurance company history in Nepal is not so long but the insurance company has a history back from 1947 AD. As, Nepal Insurance Company Limited, a pioneer non-life insurance company of Nepal was established in 1947 A.D. by Nepal Bank Limited (the first commercial Bank) and the general public with 51% and 49% shares respectively.
In the beginning, the name of this company was "Nepal Malchalani Tatha Beema Company" and had changed its name as "Nepal Insurance & Transport Company Ltd." on 1959 A.D. Now its name is "Nepal Insurance Company Ltd." since 1991 A.D. The company was incorporated on 2051-09-06 under the Company Act 2021(Currently Company Act 2063) and operated as general insurance company after obtaining a license on 2053-02-17 under the insurance act 2049.
When we come to early 2020 now there are 40 insurance companies in Nepal. The insurance companies in Nepal are divided into 3 types:
1. Life Insurance
2. Non-Life of General Insurance
As of FY 2077/78 [FY 2020-21], 19 life insurance, 20 non-life or general insurance and 1 reinsurance companies are operating in Nepal.
List of Life Insurance Companies In Nepal
Life insurance is a contractual transaction in which a person pays a certain amount in installments based on the age of the person and in the event of his death his heirs receive a certain amount.
There are currently 19 life insurance companies in Nepal. The list of life insurance companies is shown below:
7. Life Insurance Corporation (Nepal) Limited
8. Mahalaxmi Life Insurance Company Limited
9. National Life Insurance Company Limited
10. Nepal Life Insurance Company Limited
11. Prabhu Life Insurance Company Limited
12. Prime Life Insurance Company Limited
13. Rastriya Beema Sansthan
14. Reliable Nepal Life Insurance Limited
15. Reliance Life Insurance Limited
16. Sanima Life Insurance Company Limited
17. Sun Nepal Life Insurance Company Limited
18. Surya Life Insurance Company Limited
19. Union Life Insurance Company Limited
List of General (Non-Life) Insurance Companies In Nepal
Non-life insurance is an agreement made to avoid the risk of loss of property and liability. It is generally used to ensure movable and immovable property such as houses, factories, vehicles, etc.
Non-life insurance covers accidents, medical expenses, third party liability, product liability, risks involved in foreign travel. It is used to obtain compensation for damage caused by various natural calamities including accidents, fires, thefts and to get compensation or relief from possible losses due to risk.
At current, there are 20 general or non-life insurance companies in Nepal. Nepal Insurance Company is a pioneer non-life insurance company of Nepal that was established in 1947 A.D.
Likewise, Sanima, Ajod, and General Insurance are among the newly established general or non-life insurance companies in Nepal.
Below is the list of 20 general or non-life insurance companies of Nepal:
1. Ajod Insurance Company Limited
2. Everest Insurance Company Limited
3. General Insurance Company Nepal Limited
4. IME General Insurance Company Limited
5. Himalayan General Insurance Company Limited
6. Lumbini General Insurance Company Limited
7. National Insurance Company Limited
8. Neco Insurance Company Limited
9. Nepal Insurance Company Limited
10. NLG Insurance Company Limited
11. Oriental Insurance Company Limited
12. Prabhu Insurance Company Limited
13. Premier Insurance Company (Nepal) Limited
14. Prudential Insurance Company Limited
15. Rastriya Beema Company Limited
16. Sagarmatha Insurance Company Limited
17. Sanima General Insurance Company Limited
18. Shikhar Insurance Company Limited
19. Siddartha Insurance Company Limited
20. United Insurance Company (Nepal) Limited
List of Re-Insurance Companies In Nepal
Since insurance companies cannot bear the entire risk of the insurance they cover, they transfer the risk from one company to another to reduce the risk, which is called reinsurance.
So far, there is only one reinsurance company in Nepal. Nepal Reinsurance Company was established on Karthik 20, 2071 BS with a paid-up capital of Rs. 5 Arba.
1. Nepal Re-Insurance Company Limited