There has been a lot of development in the insurance field in recent years. This development has been significant since 2012. Do you know which is the best insurance company in Nepal?

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. This data is from Beema Samiti.

Insurance used to be a thing of luxury in the past. Only a few would purchase 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 remote areas. The growth of the insurance sector is more likely to accelerate in the coming years. There are a total of nine life insurance and seventeen non-life insurance currently in operation in Nepal.

Insurance means (according to Oxford English Dictionary) is an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for the payment of a specified premium.

Thus insurance is a mean of safety for any kind of probable loss. Insurance is beneficial because it provides security, acts as an old-age pension, as an investment or saving mechanism, and for tax benefits. There are altogether 25 insurance companies established in Nepal currently. Some of the major insurance companies are discussed in brief below.

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. Insurance company in Nepal has 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 increased 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 nonlife 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 the 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 to that 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 the 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 life insurance but previously their registration was as  National Life and General Insurance.

best insurance company in nepal

Established in 1988 A.D, the National Life Insurance Company Limited is now one of the most popular insurance company in Nepal with more than 10,000,000 shares in the share market. With more than 350,000 customers, the National Life Insurance Company Limited has an annual premium collection of around Rs.15 billion.

With its high level of customer service, professionalism, trustworthiness, transparency and honesty, National Life Insurance Company Limited is providing the high value of customer satisfaction.

Currently National Life Insurance Company Limited is providing life insurance in different policies which includes Endowment Assurance Plan, Children Plans, Money Back Plans, Whole Life Plans, Terms Assurance Plans, Retirement Plan, Traditional Term Plan, Saral Amrit (Term Insurance), Kamal Amrit Plan (Term Policy), and Baideshik Rojgar Jeevan Beema.

national life insurance company

You can contact them by going to their link to Nepal Life Insurance.

Premium 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 needs 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 in Nepal. 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.

reliance life insurance Nepal

Neco Insurance

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 companies. They have been enjoying a good reputation through their expertise and experience. They have managed to build good long term relationships with their valued customers.

Alliance insurance company

It is another name that has gained 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 a 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 Nepal

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 on customers’ mind particularly because of its international fame. Metlife is a popular name when it comes to insurance company in Nepal 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 classes and people from different walks of life. The head office of Metlife is in Pulchowk, Kathmandu.

metlife insurance Nepal

MetLife merged with Alico in November 2010 to become MetLife Alico and serve together to become a giant service industry in the sector of the Insurance industry in Nepal. Winning the trust of customers by providing high value towards customers since the last decade, now MetLife Alico has more than 450,000 customers in Nepal.

With a variety of life and non-life insurance, which includes various policies which include life insurance, accident and health insurance, employee benefit, group insurance and many more, the MetLife Alico is growing rapidly to become one of the biggest insurance company in Nepal.

Himalayan general insurance

Himalayan General Insurance Co. Ltd. Often abbreviated as (HGI ) started its operation back in December 1993 after receiving a license from the 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 sets them apart from other insurance companies. Today HGI offers different types of insurance services. To list them there are travel services, fire insurance, education insurance, theft insurance, vehicle insurance and so on. They are one of the rising and trustworthy insurance company in Nepal. The head office is in Babarmahal, Kathmandu and they have branches all over the country.

Rastriya Beema Sansthan

Located at Ram Shah Path, Singha Durbar, Kathmandu, Rastriya Beema Sansthan is the oldest insurance company in Nepal. It was established in 2024 B.S. Rastriya Beema Sansthan is a government organization and provides insurance services in different categories.

Rastriya Beema Sansthan is playing a vital role in the mobilization of internal resources and investment, establishing a backbone in the sector of insurance in Nepal. Rastriya Beema Sansthan has given a wide range of human resource in the sector of insurance to the country and has established themselves as the first mover in the sector of the life insurance sector in Nepal. They are providing services of both life and non-life insurance currently.

Endowment Life Assurance, Children’s Marriage, and Education Endowment Life Assurance, Anticipated Endowment Life Assurance, Whole Life Assurance, Jeevan Surakshya, Bal Umanga, Joint Life Plan ‘Jeevan Sathi’, Children’s Plan ‘Watsalya’, Term Life Assurance, Jeevan Bandhu, Group Endowment Life Assurance are some of the major insurance title services currently being provided by Rastriya Beema Sansthan.

Prime Life Insurance

Established in June 2007, PrimeLife is one of the fastest-growing insurance company in Nepal insurance market. With more than 1,650,000 insurance policies sold within a decade, the PrimeLife has collected premium amounting to NPR 8,465 Million. With more than 4,000,000 shares sold in the share market, PrimeLife has become one of the leaders of the insurance market in the nation. Prime foreign employment insurance plan, Prime Jeewan Upahar, Prime Life New Term Assurance, Prime Life Sulav Money Back, Prime Life Surakshit Awash Jeewan Beema, PrimeLife Dhan Sagar are some of the attracting services of PrimeLife insurance which can attract a lot of customers towards it.

These are some of the major insurance companies, there are many other life and non-life insurance companies providing wise customer services in Nepal making Insurance market as a very lucrative market in the sector of the economy.