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List of insurance companies in Nepal

From Wikipedia, the free encyclopedia

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.

Life Insurance Companies

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

S.N Life Insurance Company Operating Since Website
1 Rastriya Jiban Beema Company Limited 2025 B.S (1969 A.D) http://rbs.gov.np/
2 National Life Insurance Company Limited 2044 B.S (1988 A.D.) http://www.nationallife.com.np/
3 Nepal Life Insurance Company Limited 2058 B.S (2001 A.D) http://www.nepallife.com.np/en/home
4 Life Insurance Corporation (Nepal) Limited 2057 B.S (2000 A.D) http://www.licnepal.com.np/
5 MetLife (ALICO) 2058 B.S (2001 A.D) https://www.metlife.com.np/en/
6 SuryaJyoti Life Insurance Company Limited 2079 B.S (2023 A.D) https://suryajyotilife.com/
7 Himalayan Life Insurance Limited 2080 B.S (2023 A.D) http://himalayanlife.com.np/
8 Asian Life Insurance Company Limited 2064 B.S (2008 A.D) http://www.asianlife.com.np/
9 IME Life Insurance Company Limited 2074 B.S (2017 A.D) https://imelifeinsurance.com/
10 Reliable Nepal Life Insurance Company Limited 2074 B.S (2017 A.D) http://www.reliablelife.com.np/
11 Sanima Reliance Life Insurance Limited 2079 B.S (2023 A.D) https://sanimareliancelife.com/
12 Citizen Life Insurance Limited 2074 B.S (2017 A.D) https://citizenlifenepal.com/
13 Sun Nepal Life Insurance Company Limited 2074 B.S (2017 A.D) https://sunlife.com.np/
14 Prabhu Mahalaxmi Life Insurance Limited 2080 B.S (2023 A.D) https://www.pmlil.com/

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 (7th November 2023) due to a regulatory requirement set out in Insurance Act 2079.

Non-life (General) Insurance Companies

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

S.N Non-Life Insurance Company Operating Since Website
1 Nepal Insurance Company Limited 2004 B.S (1947 A.D) http://www.nepalinsurance.com.np/
2 The Oriental Insurance Company Limited 2012 B.S (1956 A.D) http://www.orientalinsurance.com.np/
3 National Insurance Company Limited 2030 B.S (1974 A.D) http://www.nicnepal.com.np/
4 Himalayan Everest Insurance Company Limited 2079 B.S (2022 A.D) http://www.hei.com.np/
5 United Ajod Insurance Company Limited 2080 B.S (2023 A.D) http://unitedajodinsurance.com/
6 Neco Insurance Limited 2051 B.S (1994 A.D) http://www.neco.com.np/
7 Sagarmatha Lumbini Insurance Company Limited 2079 B.S (2023 A.D) https://salico.com.np/
8 Prabhu Insurance Limited 2053 B.S (1996 A.D) http://www.prabhuinsurance.com/
9 IGI Prudential Insurance Limited 2080 B.S (2023 A.D) http://www.igiprudential.com/
10 Shikhar Insurance Company Limited 2061 B.S (2004 A.D) http://www.shikharinsurance.com/
11 NLG Insurance Limited 2054 B.S (1998 A.D) http://www.nlg.com.np/
12 Siddhartha Premier Insurance Limited 2079 B.S (2023 A.D) http://siddharthapremier.com.np/
13 Rastriya Beema Company Limited 2071 B.S (2015 A.D) http://www.rbcl.gov.np/
14 Sanima GIC Insurance Limited 2079 B.S (2022 A.D) https://sgic.com.np/

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

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

S.N Reinsurance Company Operating Since Website
1 Nepal Reinsurance Company Limited 2071 B.S (2014 A.D) http://www.nepalre.com.np/
2 Himalayan Reinsurance Company Limited 2077 B.S (2020 A.D) https://himalayanre.com/

Microinsurance Companies

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

S.N Micro Life Insurance Companies Operating Since Website
1 Crest Micro Life Insurance Limited 2080 B.S (2023 A.D) https://cmli.com.np/
2 Guardian Micro Life Insurance Limited 2080 B.S (2023 A.D) https://gmli.com.np/
3 Liberty Micro Life Insurance Limited 2080 B.S (2023 A.D) https://libertymlife.com.np/

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

S.N Micro Non-Life (General) Insurance Companies Operating Since Website
1 Nepal Micro Insurance Company Limited 2080 B.S (2023 A.D) https://nepalmicro.com/
2 Protective Insurance Company Limited 2080 B.S (2023 A.D) https://protectivemicro.com/
3 Star Micro Insurance Company Limited 2080 B.S. (2023 A.D.) https://starmicroinsure.com/
4 Trust Micro Insurance Company Limited 2080 B.S. (2024 A.D.) https://trustmicroinsure.com/

References

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  1. ^ "नेपाल बीमा प्राधिकरण – Nepal insurance Authority: Insurance Regulatory Authority of Nepal". Retrieved 2023-02-08.
  2. ^ a b c "Insurer Information – नेपाल बीमा प्राधिकरण". Retrieved 2023-02-08.
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