List of insurance companies in Nepal
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 10th May 2023, a total of 32 insurance companies are offering Life, Non-Life (General) and Re-insurance services.
Life insurance companies
As of 10th May 2023, 15 life insurance companies are in operation in Nepal:[2]
| S.N | Life Insurance Company | Operating Since | Website |
|---|---|---|---|
| 1 | Rastriya Beema Sansthan | 2025 B.S (1969 A.D) | https://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) | http://www.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 Life Insurance Company Limited | 2074 B.S (2017 A.D) | https://www.prabhulife.com/ |
| 15 | Mahalaxmi Life Insurance Limited | 2075 B.S (2018 A.D) | https://mahalaxmilife.com.np/ |
Due to the new paid-up capital requirement of NRs.5 Arba (NRs. 5 Billion), some companies are undergoing mergers. Companies currently under the merger process are:
- Prabhu and Mahalaxmi Life Insurance.
Similarly,
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.
Non-life insurance companies
As of 10th May 2023, 15 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 Insurance Company (Nepal) Limited | 2050 B.S (1993 A.D) | http://www.unitedinsurance.com.np/ |
| 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 Limtied | 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/ |
| 15 | Ajod Insurance Limited | 2075 B.S (2018 A.D) | http://www.ajodinsurance.com/ |
Due to the new paid-up capital requirement of NRs.2.5 Arba (NRs. 2.5 Billion), some companies are undergoing mergers. Companies currently under the merger process are:
- Ajod and United Insurance.
Similarly,
1)Himalayan Insurance Company Limited and Everest Insurance Company Limited merged to form Himalayan Everest Insurance Company Limited.
2)Sanima Insurance Company Limited and General Insurance Company Limited merged to form Sanima GIC Insurance Company.
3)Siddhartha Insurance Limited and Premier Insurance Company Limited (Nepal) merged to form Siddhartha Premier Insurance Limited.
4)Sagarmatha and Lumbini Insurance Company Limited merged to form Sagarmatha Lumbini Insurance Company Limited.
5)IME General Insurance Limited and Prudential Insurance Company Limited merged to form IGI Prudential Insurance Limited.
Reinsurance companies
As of May 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/ |
References
- "नेपाल बीमा प्राधिकरण – Nepal insurance Authority: Insurance Regulatory Authority of Nepal". Retrieved 2023-02-08.
- "Insurer Information – नेपाल बीमा प्राधिकरण". Retrieved 2023-02-08.