Nepal insurance market saw premiums surge by 22.74 percent to NPR57.53bn (US$561mn) in the last fiscal year (FY2017) ended 15 July.
According to data from the Insurance Board (IB), life insurance premiums increased by 20 percent to NPR38.40bn while on the other hand non-life premiums rose faster at 27.75 percent to NPR19.03bn in FY2017.
First-year premiums received by the country's nine life insurers totalled NPR10.56bn, an 11 percent increase from the previous year. Premiums from foreign employment policies that Nepalese bound for working stints overseas are required to purchase, jumped by 41.7 percent to NPR2.58bn in FY2017.
From the nine life insurers, Nepal Life Insurance remained at the top of the list in terms of premium with INR12bn in FY2017, 17.1 percent higher than in FY2016.
However, National Life Insurance grew at the fastest pace of 29 percent with premiums reaching NPR4.95bn, reported The Himalayan Times.
Among non-life insurance firms, Shikhar Insurance Company was the largest with NPR2.77bn in premiums in FY2017, representing growth of 38.4 percent.
From the 17 non-life insurers in the country, Neco and NB Insurance were the two fastest growing with their premiums surged by 50.4 percent to NPR1.36bn and 98.5 percent to NPR694mn respectively.