List of Insurance Companies in Nepal
There are 40 insurance companies in Nepal. The insurance companies in Nepal are divided into three types:List of Life Insurance Companies In Nepal
There are currently 19 life insurance companies in Nepal. The list of the life insurance companies is shown below:List of General (Non-Life) Insurance Companies In Nepal
Non-life insurance is an agreement made to avoid the risk of loss of property and liability. It is generally used to insure movable and immovable property such as houses, factories, vehicles, etc.Non-life insurance covers accidents, medical expenses, third party liability, production liability, risks involved in foreign travel. It is used to obtain compensation for damage caused by various natural calamities including accidents, fires, thefts and to get compensation or relief from possible losses due to risk. At current, there are 20 general or non-life insurance companies in Nepal.
Below are the list of 20 general or non-life insurance companies of Nepal:
List of Re-Insurance Companies In Nepal
Insurance companies cannot bear the entire risk of the insurance they cover, they transfer the risk from one company to another to reduce the risk, which is called reinsurance. So far, there is only two reinsurance company in Nepal.Nepal Reinsurance Company
Nepal Re-Insurance Company Limited (Nepal Re), the successor of Insurance Pool that was set up in 2003 with the aim to cover damages caused by the terrorism, was incorporated on 7 November 2014, under the Companies Act, 2006 of Nepal in accordance to the decision of Council of Ministers (Nepal) dated 7th August, 2014 to convert the Insurance Pool, Nepal into Reinsurance Company.
Nepal Re was formally inaugurated on 22nd December 2014 by the Hon’ble Finance Minister Dr. Ram Sharan Mahat. It is established in the PPP Model with equity participation of Government of Nepal, Insurance companies (both life and Non-life) as well as the public limited companies operating in Nepal. Altogether, there are thirty two stakeholders of Nepal Re viz. Government of Nepal, Seventeen non-life insurance companies and Eight Life insurance companies operating in Nepal and six Public companies. Nepal Re is the first reinsurance company in Nepal with the paid-up capital of 5 billion Nepalese Rupees (approx. USD 50 million). Nepal Re writes all forms of reinsurance business in both life and non-life sector.
Nepal Re has been established with an objective to enterprise Reinsurance Business in Nepal and contributes towards the economic growth of the country. It also contributes in the national as well as international risk management.
Capital Structure:
Authorized Capital of the Company is Nrs. 15 Billion.
Paid Up Capital of the Company is Nrs. 10 Billion.
Issued Capital of the Company is Nrs. 10 Billion.
Himalayan RE
Himalayan Re is the first private sector reinsurance company established in the Republic of Nepal. The company would offer Reinsurance support to Life and General Insurance Companies in Nepal and overseas.
Capital Structure
Authorized Capital NPR 21 Billions (USD 175 Millions approx)
Issued Capital NPR 10 Billions (USD 85 Millions approx)
Paid up Capital NPR 7 Billions (USD 60 Millions approx)
Ownership
- Promoters’ share of the Paid-up Capital is 70% – that is, NPR 7 Billions (USD 60 Millions approx)
- NPR 3 Billions (USD 25 Millions approx) shall be Public Share through an IPO to be issued within next 2 years as per the existing rules and regulations in Nepal
Great article,about insurance in nepal thanks
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