Insurance companies in Nepal are regulated by the Nepal Insurance Authority. As of January 2024, there are 37 insurance companies offering various services, including life, non-life (general), micro, and reinsurance.
Life Insurance Companies
Nepal has 14 life insurance companies as of November 2023. Here’s a list of these companies along with their operating years:
- Rastriya Jeewan Beema Company Limited (Since 1969)
- National Life Insurance Company Limited (Since 1988)
- Nepal Life Insurance Company Limited (Since 2001)
- Life Insurance Corporation (Nepal) Limited (Since 2000)
- MetLife (ALICO) (Since 2001)
- SuryaJyoti Life Insurance Company Limited (Since 2023)
- Himalayan Life Insurance Limited (Since 2023)
- Asian Life Insurance Company Limited (Since 2008)
- IME Life Insurance Company Limited (Since 2017)
- Reliable Nepal Life Insurance Company Limited (Since 2017)
- Sanima Reliance Life Insurance Limited (Since 2023)
- Citizen Life Insurance Limited (Since 2017)
- Sun Nepal Life Insurance Company Limited (Since 2017)
- Prabhu Mahalaxmi Life Insurance Limited (Since 2023)
Rastriya Beema Sansthan was converted into Rastriya Jeewan Beema Company Limited on the 21st of Kartik, 2080 (7th November 2023) due to a regulatory requirement set out in the Insurance Act 2079.
Non-Life (General) Insurance Companies
There are 14 non-life insurance companies operating in Nepal as of January 2024. Below is a list of these companies, including their founding years:
- Nepal Insurance Company Limited (Since 1947)
- The Oriental Insurance Company Limited (Since 1956)
- National Insurance Company Limited (Since 1974)
- Himalayan Everest Insurance Company Limited (Since 2022)
- United Ajod Insurance Company Limited (Since 2023)
- Neco Insurance Limited (Since 1994)
- Sagarmatha Lumbini Insurance Company Limited (Since 2023)
- Prabhu Insurance Limited (Since 1996)
- IGI Prudential Insurance Limited (Since 2023)
- Shikhar Insurance Company Limited (Since 2004)
- NLG Insurance Limited (Since 1998)
- Siddhartha Premier Insurance Limited (Since 2023)
- Rastriya Beema Company Limited (Since 2015)
- Sanima GIC Insurance Limited (Since 2022)
Reinsurance Companies
Nepal has two reinsurance companies as of January 2024:
- Nepal Reinsurance Company Limited (Since 2014)
- Himalayan Reinsurance Company Limited (Since 2020)
Microinsurance Companies
Microinsurance is also gaining ground in Nepal, with three micro life insurance companies:
- Crest Micro Life Insurance Limited (Since 2023)
- Guardian Micro Life Insurance Limited (Since 2023)
- Liberty Micro Life Insurance Limited (Since 2023)
There are also four micro non-life insurance companies:
- Nepal Micro Insurance Company Limited (Since 2023)
- Protective Insurance Company Limited (Since 2023)
- Star Micro Insurance Company Limited (Since 2023)
- Trust Micro Insurance Company Limited (Since 2024)
Conclusion
Nepal’s insurance industry is diverse, with numerous companies offering a wide range of services. Regulatory measures have streamlined the number of companies, ensuring that they meet new capital requirements to provide better security and service to their customers. The industry is divided into life, non-life, reinsurance, and micro-insurance sectors, each playing a crucial role in the financial ecosystem of Nepal.
The life insurance sector in Nepal has seen several mergers to comply with new regulations, which has strengthened the industry’s capital base and operational efficiency. Non-life insurance companies have also undergone consolidation, resulting in a more robust and reliable market. Reinsurance companies provide an additional layer of security, while microinsurance companies cater to the needs of underserved populations, ensuring that insurance coverage is accessible to all segments of society.
As the insurance industry continues to evolve, it is expected that these companies will keep expanding their services and improving their offerings to meet the growing demands of the Nepalese population.
