List of insurance companies in Nepal

Last updated

Insurance companies in Nepal are regulated by Nepal Beema Pradhikaran (Nepal Insurance Authority), an arm of Nepal Government's Ministry of Finance. [1] As of November 2023, a total of 35 insurance companies are offering Life, Non-Life (General), Micro and Re-insurance services.

Contents

Life Insurance Companies

As of November 2023, 14 life insurance companies are in operation in Nepal: [2]

S.NLife Insurance CompanyOperating SinceWebsite
1 Rastriya Jeevan Beema Company Limited 2025 B.S (1969 A.D) link
2National Life Insurance Company Limited2044 B.S (1988 A.D.) link
3Nepal Life Insurance Company Limited2058 B.S (2001 A.D) link
4Life Insurance Corporation (Nepal) Limited2057 B.S (2000 A.D) link
5 MetLife (ALICO)2058 B.S (2001 A.D) link
6SuryaJyoti Life Insurance Company Limited2079 B.S (2023 A.D) link
7Himalayan Life Insurance Limited2080 B.S (2023 A.D) link
8Asian Life Insurance Company Limited2064 B.S (2008 A.D) link
9IME Life Insurance Company Limited2074 B.S (2017 A.D) link
10Reliable Nepal Life Insurance Company Limited2074 B.S (2017 A.D) link
11Sanima Reliance Life Insurance Limited2079 B.S (2023 A.D) link
12Citizen Life Insurance Limited2074 B.S (2017 A.D) link
13Sun Nepal Life Insurance Company Limited2074 B.S (2017 A.D) link
14Prabhu Mahalaxmi Life Insurance Limited2080 B.S (2023 A.D) link

At one time, there were 19 life insurance companies in Nepal. To reduce the number of companies, Nepal Beema Pradhikaran introduced a new minimum capital requirement. Due to the new requirement of NRs.5 Arba (NRs. 5 Billion), the following companies underwent mergers:

  1. Surya Life Insurance Company Limited and Jyoti Life Insurance Company Limited merged to form SuryaJyoti Life Insurance Company Limited.
  2. Sanima Life Insurance Limited and Reliance Life Insurance Limited merged to form Sanima Reliance Life Insurance Limited.
  3. Union, Prime and Gurans Life Insurance Company Limited merged to form Himalayan Life Insurance Limited.
  4. Prabhu and Mahalaxmi Life Insurance Company Limited merged to form Prabhu Mahalaxmi Life Insurance Limited.

Additionally, Rastriya Beema Sansthan was converted into Rastriya Jiban Beema Company Limited on the 21st of Kartik, 2080 (7 November 2023) due to a regulatory requirement set out in Insurance Act 2079.

Non-life (General) Insurance Companies

As of November 2023, 14 non-life insurance are operating in Nepal: [2]

S.NNon-Life Insurance CompanyOperating SinceWebsite
1Nepal Insurance Company Limited2004 B.S (1947 A.D) link
2The Oriental Insurance Company Limited2012 B.S (1956 A.D) link
3National Insurance Company Limited2030 B.S (1974 A.D) link
4Himalayan Everest Insurance Company Limited2079 B.S (2022 A.D) link
5United Ajod Insurance Company Limited2080 B.S (2023 A.D) link
6Neco Insurance Limited2051 B.S (1994 A.D) link
7Sagarmatha Lumbini Insurance Company Limited2079 B.S (2023 A.D) link
8Prabhu Insurance Limited2053 B.S (1996 A.D) link
9IGI Prudential Insurance Limited2080 B.S (2023 A.D) link
10Shikhar Insurance Company Limited2061 B.S (2004 A.D) link
11NLG Insurance Limited2054 B.S (1998 A.D) link
12Siddhartha Premier Insurance Limited2079 B.S (2023 A.D) link
13Rastriya Beema Company Limited2071 B.S (2015 A.D) link
14Sanima GIC Insurance Limited2079 B.S (2022 A.D) link

At one time, there were 20 non-life insurance companies in Nepal. To reduce the number of companies, Nepal Beema Pradhikaran introduced a new minimum capital requirement. Due to the new requirement of NRs.2.5 Arba (NRs. 2.5 Billion), the following companies underwent mergers:

  1. Himalayan Insurance Company Limited and Everest Insurance Company Limited, to form Himalayan Everest Insurance Company Limited.
  2. Sanima Insurance Company Limited and General Insurance Company Limited, to form Sanima GIC Insurance Company.
  3. Siddhartha Insurance Limited and Premier Insurance Company Limited (Nepal), to form Siddhartha Premier Insurance Limited.
  4. Sagarmatha and Lumbini Insurance Company Limited, to form Sagarmatha Lumbini Insurance Company Limited.
  5. IME General Insurance Limited and Prudential Insurance Company Limited, to form IGI Prudential Insurance Limited.
  6. United Insurance Company (Nepal) Limited and Ajod Insurance Company Limited, to form United Ajod Insurance Company Limited.

Reinsurance Companies

As of November 2023, 2 reinsurance are operating in Nepal: [2]

S.NReinsurance CompanyOperating SinceWebsite
1 Nepal Reinsurance Company Limited 2071 B.S (2014 A.D) link
2Himalayan Reinsurance Company Limited2077 B.S (2020 A.D) link

Microinsurance Companies

There are 3 micro life insurance companies which are listed below.

S.NMicro Life Insurance CompaniesOperating SinceWebsite
1Crest Micro Life Insurance Limited2080 B.S (2023 A.D) link
2Guardian Micro Life Insurance Limited2080 B.S (2023 A.D) link
3Liberty Micro Life Insurance Limited2080 B.S (2023 A.D) link

There are 4 micro non-life insurance companies which are listed below.

S.NMicro Non-Life (General) Insurance CompaniesOperating SinceWebsite
1Nepal Micro Insurance Company Limited2080 B.S (2023 A.D) link
2Protective Insurance Company Limited2080 B.S (2023 A.D) link
3Star Micro Insurance Company Limited2080 B.S. (2023 A.D.) link
4Trust Micro Insurance Company Limited2080 B.S. (2024 A.D.) link

References

  1. ↑ "नेपाल बीमा प्राधिकरण – Nepal insurance Authority: Insurance Regulatory Authority of Nepal" . Retrieved 8 February 2023.
  2. 1 2 3 "Insurer Information – नेपाल बीमा प्राधिकरण" . Retrieved 8 February 2023.
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