Non-Life Insurance Companies in Nepal

Non-Life Insurance in Nepal

By Gopal

17 January 2022 07:04 AM | UPDATED 5 days ago

17 January 2022 07:04 AM

In simple words, Non-life insurance means the insurance done for the safeguard or protection of property from uncertain events. And it is the losses that will be incurred from a particular monetary occasion. The compensation will be claimed and gotten by the insured party. It is one of the important approaches of imparting safety and protecting buildings, devices, fixtures, equipment, automobiles, and different items from the prospect of an earthquake, accident, the hazard of fireside, and theft. 

Table of Content

  1. Importances of Non-Life Insurance
  2. Types Of Non-Life Insurance 
  3. List of Non-Life Insurance companies of Nepal
  4. Top five Non-Life Insurance Companies in Nepal 

Importances of Non-Life Insurance

  1. If your property is insured, the insured can claim for foreseen accidents like Fire, earthquakes, natural calamities. 
  1. Health Insurance, the insured gets financial help from the insurance company.
  1. The Devices/Machinery Insurance, you can get financial help according to the policy.
  1. In the case of Automobiles, you can claim for the losses.
  1. And you can stay free and safe if you have done insurance on your properties.

That’s why it is necessary to safeguard the properties by doing non-life insurance

Types of Non-Life Insurance

  1. Property Insurance
  2. Health Insurance
  3. Auto Insurance
  4. Travel Insurance
  5. Mortgage Insurance
  6. Disaster(Earthquake, Fire, flood, etc)

There are 20 Non-life Insurance Companies established in Nepal. They are followed below

1. AJOD Insurance Limited11. Everest Insurance Company limited (EIC)
2. General Insurance Company Nepal12. Himalayan General Life Insurance

3. IME General Insurance Company(IGI)
13. Lumbini General Insurance Company Ltd.(LGIL)
4. National Insurance Co.Ltd14. NECO Insurance Company Limited (NIL)
5. Nepal Insurance Company Limited(NICL)15. NLG Insurance Company(NLG)
6. Prabhu Insurance Company Limited(PRIN)16. Premier Insurance Company Ltd
7. Prudential Insurance Company Limited(PICL)17. Rashtriya Beema Company Ltd
8. Sagarmatha Insurance Company(SIC)18. Sanima General Insurance Company Limited
9. Shikhar Insurance Company Limited(SICL)19. Siddhartha Insurance Company Limited (SIL)
10. Oriental Insurance Company Limited20. United Insurance Company Limited (UIC)

Top Five Non-Life insurance companies in Nepal

Recently 20 Non-Life Insurance companies are operating in Nepal. From these 20 Non-Life Insurance companies, we have categories of the top five Non-Life Insurance Companies according to their paid-up capital.

          They are followed below:

S.NCompanies namePaid-up capital      (Rs crores)
1.Shikhar Insurance Company Limited(SICL)
2.NECO Insurance Company Limited (NIL)131.74 
3.Siddhartha Insurance Company Limited (SIL)112
4.Sagarmatha Insurance Company(SIC)
5.NLG Insurance Company(NLG)109.63

According to the above-mentioned data, 

  •  NECO Insurance Company, Limited (NIL) is the listed in second-highest insurance company according to the Paid-up Capital 131.74 crores . 
Non-life insurance means the insurance done for the safeguard or protection of property from uncertain events.

The above mentioned information are related to the insurance companies of Nepal. According to these datas you can invest or make you life secuired and live longer without any fear. If you have done insurance of your property, you can live your life safely.