There has been a lot of development in the insurance field in recent years. This development has been significant since 2012. The development indicates that the good days for insurance companies are yet to come. Recently there are 27 insurance companies operating in Nepal with around 400 branches all over the country. Insurance used to be a thing of luxury in past only few would purchase an insurance but these days many people are attracted towards insurance. The business is growing and insurers are reaching a new height in terms of getting customers and themes. They are reaching even the remote areas. The growth of the insurance sector is more likely to accelerate in coming years. There are total nine life insurance and seventeen non-life insurance currently in operation in Nepal.
The scenario of Insurance Companies in Nepal
Insurance definitely has a lot of value and it can be considered a necessity in today’s time. Living in a developing country we often encounter emergencies and that time insurance is what that works. The customers in the insurance field have increased a lot after the devastating earthquake in Baisakh 2072. People have become more aware of the need for an insurance policy. Many insurance companies have schemes for emergency and disaster recovery.
Since the sector is reaching new heights there has been increasing in a number of investors in this field. Even the government has increases the paid up capital for insurance companies, many investors are entering the market. The new paid-up capital requirement for an insurance company is NRs 2 billion when previously it was just NRs 500 million. Similarly for non life insurance as well the paid up capital is NRs 1 billion which previously was NRs 250 million. Despite this huge hike in Paid up capital requirement there are many investors seeking entrance to this sector which has led to establishment of many insurance companies.
With so many insurance companies in town, customers now have a variety to choose from. Basically, the aim of all these insurance companies is similar only their approach is different. Here I have listed some of the renowned insurance companies in Nepal.
National Life insurance
National life insurance is a well-known name in this field that was established back in 1988 AD under Nepal Company Act 1964 and the insurance act 1968. The main objective behind its establishment is to meet the growing insurance need of Nepali People. They have managed to build a good reputation in its two decades of operation. They are now solely a life insurance but previously their registration was as National Life and General Insurance.
Premium insurance was started back in 12th may 1994 and has grown as a renowned insurance company in Nepal. The company has local as well as international insurance service and has maintained a good reputation among its clients. The managing team comprises of successful entrepreneurs, experts, and that team has been great in promoting and developing the company. They take pride in their human resources. And train them constantly to meet the latest demand and need of the customers.
Reliance Life insurance
Reliance life insurance is another name in this field. Siddhartha Bank limited works as a promoter of the insurance company. It is one of the youngest life insurance in Nepal that started its operation in Mangsir, 2076 B.S. They have different schemes for their customers. And have maintained a good reputation in this short span of operation as well. The promoters are one of the most experienced people. They solely focus on their customers and their growing needs. They offer long-term savings and schemes to meet the needs of customers at different stages of life.
Neco Insurance Ltd. is another insurance company. It acts under the Companies Act, 2021 BS Poush, 2051. The head office is in Anam Nagar, Kathmandu and has 27 branches throughout the country. They have made their mark as one of the most innovative insurance company. They have been enjoying a good reputation through their expertise and experience. They have managed to build good long term relation with their valued customers.
Alliance insurance company
It is another name that has gained a good fame in the market. They believe in delivering expert and innovative service to their customers. And they do it by the means of proper teamwork and management. The company started in 1996 with the group of successful personalities in Nepal. Since their establishment, they have been working on providing the best insurance service. They operate through six different branches throughout the country. They have the head office in Tinkune, Kathmandu.
MetLife is a branch of MetLife, Inc ( a Multinational insurance company) operating in Nepal since 5 December 2001. In its short span of operation Metlife has created a good impact in customers mind particularly because of its international fame. Metlife is a popular name when it comes to insurance companies since they provide life insurance as well as general insurance like accident and health insurance, employee benefits and so on. They even have schemes for disaster management. With excellent service, they have become a tough competition to national level insurance companies and have gained more than four hundreds of thousands of customers. They aim to reach and create value for people of all class and people from different walks of life. The head office of Metlife is in Pulchowk, Kathmandu.
Himalayan general insurance
Himalayan General Insurance Co. Ltd. Often abbreviated as (HGI ) started its operation back in December 1993 after receiving a license from Insurance Board of Nepal. HGI has enhanced its operation after the Earthquake. And now they are one of the leaders in providing cost-effective insurance. Their disaster preparation insurance is what that sets them apart from other insurance companies. Today HGI offers different types of insurance services. To list them there are travel service, fire insurance, education insurance, theft insurance, vehicle insurance and so on. They are one of the rising and trustworthy insurance company in town. The head office is in Babarmahal, Kathmandu and they have branches all over the country.