List of insurance companies in Nepal
Topic: Finance
From HandWiki - Reading time: 3 min
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 January 2023, a total of 38 insurance companies are offering Life, Non-Life (General) and Re-insurance services.
Life insurance companies
As of January 2023, 18 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 | Prime Life Insurance Company Limited | 2064 B.S (2008 A.D) | http://www.primelifenepal.com/ |
| 8 | Gurans Life Insurance Company Limited | 2064 B.S (2008 A.D) | https://guranslife.com/ |
| 9 | Asian Life Insurance Company Limited | 2064 B.S (2008 A.D) | http://www.asianlife.com.np/ |
| 10 | IME Life Insurance Company Limited | 2074 B.S (2017 A.D) | http://www.imelifeinsurance.com/ |
| 11 | Reliable Nepal Life Insurance Company Limited | 2074 B.S (2017 A.D) | http://www.reliablelife.com.np/ |
| 12 | Reliance Life Insurance Limited | 2074 B.S (2017 A.D) | https://relifeinsurance.com/en/home/ |
| 13 | Citizen Life Insurance Limited | 2074 B.S (2017 A.D) | https://citizenlifenepal.com/ |
| 14 | Sun Nepal Life Insurance Company Limited | 2074 B.S (2017 A.D) | https://sunlife.com.np/ |
| 15 | Prabhu Life Insurance Company Limited | 2074 B.S (2017 A.D) | https://www.prabhulife.com/ |
| 16 | Sanima Life Insurance Limited | 2074 B.S (2017 A.D) | https://www.sanimalife.com/ |
| 17 | Mahalaxmi Life Insurance Limited | 2075 B.S (2018 A.D) | https://mahalaxmilife.com.np/ |
| 18 | Union Life Insurance Limited | 2074 B.S (2017 A.D) | https://www.unionlife.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:
- Reliance and Sanima Life Insurance,
- Prabhu and Mahalaxmi Life Insurance,
- Union, Prime and Gurans Life Insurance.
Similarly, Surya Life Insurance Company Limited and Jyoti Life Insurance Company Limited merged to form SuryaJyoti Life Insurance Company Limited.
Non-life insurance companies
As of January 2023, 18 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 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 | Premier Insurance Company (Nepal) Limited | 2051 B.S (1994 A.D) | http://www.premier-insurance.com.np/ |
| 7 | Neco Insurance Limited | 2051 B.S (1994 A.D) | http://www.neco.com.np/ |
| 8 | Sagarmatha Insurance Company Limited | 2053 B.S (1996 A.D) | http://www.sagarmathainsurance.com.np/ |
| 9 | Prabhu Insurance Limited | 2053 B.S (1996 A.D) | http://www.prabhuinsurance.com/ |
| 10 | IME General Insurance Limited | 2055 B.S (1999 A.D) | http://www.iginepal.com/ |
| 11 | Prudential Insurance Company Limited | 2058 B.S (2002 A.D) | http://www.prudential.com.np/ |
| 12 | Shikhar Insurance Company Limited | 2061 B.S (2004 A.D) | http://www.shikharinsurance.com/ |
| 13 | Lumbini General Insurance Company Limited | 2062 B.S (2005 A.D) | http://www.lgic.com.np/ |
| 14 | NLG Insurance Limtied | 2054 B.S (1998 A.D) | http://www.nlg.com.np/ |
| 15 | Siddhartha Insurance Limited | 2062 B.S (2006 A.D) | http://www.siddharthainsurance.com/ |
| 16 | Rastriya Beema Company Limited | 2071 B.S (2015 A.D) | http://www.rbcl.gov.np/ |
| 17 | Sanima GIC Insurance Limited | 2079 B.S (2022 A.D) | http://www.sanimageneral.com/ |
| 18 | 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.
- Sagarmatha and Lumbini Insurance.
- Siddhartha and Premier Insurance.
- IME General and Prudential Insurance.
Similarly, Himalayan Insurance Company Limited and Everest Insurance Company Limited merged to form Himalayan Everest Insurance Company Limited and Sanima Insurance Company Limited and General Insurance Company Limited merged to form Sanima GIC Insurance Company.
Reinsurance companies
As of January 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
External links
- Insurance Regulatory Authority of Nepal
- Notices of Insurance Companies of Nepal
- List of insurance Companies in Nepal
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